INFILL VEGAS MHC SELLS FOR $30,814 SITE

The sale of the Arrow Palms Mobile Home Park located at 543 N. Lamb Blvd., Las Vegas, Nevada closed on September 30, 2003 for $2,650,000. Vince Reynolds and Norman Sangalang of MHRV Advisors and John Grant of Park Brokerage Inc. represented the buyer and seller in the sale.

The all ages manufactured housing community was built in 1971 and contains 86 sites on 9.48 acres. The community contains approximately 75% single section homes and 25% multisection homes. Amenities include a 3,500 S.F. clubhouse with two offices, rec. hall, kitchen, and a pool and spa. The community is serviced by city water and sewer utilities. The property was in fair condition at time of sale.

The site rents were $360-$370 and include sewer, water, and trash utilities. The Seller had been transitioning the property to a 55+, senior community and approximately half the tenancy was senior. The community had two vacant sites and seven vacant park owned homes at closing. There is no rent control in the State of Nevada.

With the existing vacancy the community sold at a 7.5% capitalization rate and $30,814/site. New financing of $1,670,000 at an adjustable interest rate of 4.75%.

Vince Reynolds commented, "Arrow Palms has a very good location in the middle of Las Vegas. The previous owner had been renovating the community and upgrading the quality of the tenancy. Las Vegas is one of the most dynamic metropolitan locations in the country and a very good investment market".

Vince Reynolds and Norman Sangalang sell and finance mobile home and RV parks exclusively throughout the states of California, Arizona and Nevada, and have sold or refinanced over 100 MH and RV parks the past few years. For further information please contact Vince or Norman toll free at (866) 459-MHRV 6478 or via email at reynolds@mhrvadvisors.com or norman@mhrvadvisors.com