IRVINE, CALIF. (June 29, 2013) -- WD Land (formerly known as Whittlesey Doyle), a market leader in the land brokerage industry, announced today the sale of Pacific Mobile Home Park, a 256-unit non-rent restricted, all-age family rental community located on 18.19± acres in Huntington Beach, Calif., according to Les Whittlesey, a founding principal in the firm's Irvine office. Although the sales price could not be disclosed, Whittlesey said, "This was a very large land transaction, in the high $40 million range, making the land value over $2.5 million per acre."
WD Land was retained to co-list the property with the Cortland Company. Les Whittlesey and WD Land's Orange County expert Greg Sullivan represented the seller with Brian Hopkins of The Cortland Company in Irvine. The buyer was a private investor based in Orange County. The seller was Pacific Mobile Home Park, LLC of Huntington Beach.
Located at 80 Huntington Street in Huntington Beach, the park was originally developed in 1953 with upgrades completed in 2008. The property consists of primarily single-wide and double-wide homes and includes a community pool and clubhouse.
"The park was owned by three brothers who decided it was time to sell this long-term family asset," said Whittlesey. "The property was marketed both as a mobile home park investment opportunity and as a development opportunity to maximize value. Due to its unique location and potential upside still as a mobile home park, the offers from mobile home park buyers were very competitive, and since this type of buyer did not require a change in zoning in order to complete the transaction, a mobile home park operator was a better selection as a buyer."
According to Whittlesey, the buyer was located after an exhaustive search. "He really understood the market as an owner of another park in Huntington Beach. He found embedded value in our park through professional management and potential upgrades."
"Well-located and maintained mobile/manufactured home park have proven to be an excellent long-term investment," said Sullivan. "With institutional investors and REITs' entrance into the market, capitalization rates now approximate those for similarly located apartment product (+/-5%) and the product serves as a good, affordable alternative for residents. Typical living in a manufactured home park sits somewhere in-between garden-style apartment product and condominium living (as a more affordable alternative). The affordability component helps ensure stabilized occupancy/low vacancy. The newer parks are highly amenitized with great pool areas, recreation rooms and services."
This park in particular is a location-based decision, notes Sullivan. "Residents are within walking distance to a world renowned beach, an awesome downtown area with great restaurants and night life and the additional bonus of excellent schools," Sullivan stated.
The Pacific Mobile Home Park is bordered by Pacific View Avenue as well as The Hyatt and Hilton hotels to the south, Huntington Street and the future Pacific City development to the west, Atlanta Ave and apartments/condominiums to the north, and The Waterfront residential development to the east. It is walking distance to revitalized Main Street with numerous opportunities for shopping, restaurants and active night life.
"It was our unique ability to market the potential of the property for investment growth and as a development opportunity that truly drove the value of this asset for our client," said Sullivan. "We have a strong understanding of commercial investments and the underwriting of the potential residential development that can replace performing and underperforming assets. WD Land is best known as a 'for- sale' residential land broker. However, we have also been one of the most active 'high density apartment' land brokers in Orange County," said Sullivan.
In the last 12 months, WD Land brokered a 489-unit development in Huntington Beach at Edinger Avenue and Gothard Street, known as the Boardwalk, and another 769 units in separate transactions in Anaheim and Fullerton. Earlier combined sales of single family and rental development opportunities put WD Land at over 5,000 units in Orange County alone, Sullivan noted.
Outside of Orange County, less than 45 days ago, WD Land represented the buyer and seller in the off-market sale of Toscana, a 960-acre master planned community located south of the City of Corona in Riverside County, Calif. The sale of the 960 acres represented the largest land sale in the Inland Empire in the last 7 years.
About WD Land
WD Land, formerly known as Whittlesey Doyle, is a full-service land brokerage and advisory firm with a passion for creating the highest value for clients. From farmland to urban infill sites, WD Land successfully matches land opportunities with developers and homebuilders to deliver outstanding development potential and long-term asset value. WD Land's success is based on the firm's ability to match its clients' financial requirements with the right opportunities while providing the highest level of service, expertise and performance. WD Land accomplishes this through its innovative processes in strategic planning, market analysis and transactional management. For more information on the company and its listed properties, visit http://www.wdland.com.
Contact Person: Anne Monaghan/Monaghan Communications
Email:anne@monaghanpr.com
Phone: (949) 789-4555
City: Irvine
State: California
Country: United States
Website: http://www.wdland.com
0 comments:
Post a Comment