Desert Pines Resort

Property Description:

New to the market is this irreplaceable asset located in Prescott MSA with 179 doublewide sites to be delivered totally complete with all roads and utilities set up and just needing homes to be delivered and sold. Homes are currently being sold/marketed for more than $250,000 per home which the broker believes is a mistake and a well-capitalized operator should provide more units at a much lower price point to speed up sales velocity to increase occupancy.

Desert Pines is a contractor-built community with all doublewide lots and robust amenity package including a world-class pickleball facility, pool and spa, huge clubhouse, and multiple lots featuring golf course views. The community currently has only ten occupied lots as three homes have sold in the last few weeks for an average price of $265,000. The community was developed in 2022 so it has all new infrastructure and amenities. All lots can fit doublewide sites (average size 48×80) with driveways and feature newly paved roads with curbs. The electricity is all 200amp with direct-billing. Gas is not available to MH units. Water and sewer are master-metered and billed to each tenant. The property also features a well that is only used for non-potable water and is connected to irrigation and a pool. Cable is direct to each site from providers. The seller will complete one last stretch of roadway, curbs, and lot walls within the next 45-60 days in time for a close.

Comparable MH properties in Arizona sell routinely for north of $150k per unit so this sale will allow an experienced operator to infill homes, sell for a breakeven or close to it, and make up equity in a 4-6 year sales cycle. Prescott is a landlocked community that has seen massive population growth over the last few years averaging approximately 3.9% annually with retirees and residents looking for alternatives to the Phoenix heat with the mountains and temperate weather.