PHOENIX, ARIZ. (July 24, 2017): The NAI Horizon investment sales team of Senior Vice Presidents Barbara Lloyd and Lane Neville represented the seller in the $4.05 million disposition of the Modernette Mobile Home Park, 1707 E. Apache Blvd. in Tempe, Ariz.
NAI Horizon represented the Michael S. and Mary M. Cho Family Trust. The buyer was 2075 Cottonwood Office, LLC.
“Our client owned Modernette for more than 40 years and it was a reliably stable investment for them,” Lloyd said. “The property is less than one mile from Arizona State University and is strategically located along the light rail on Apache Boulevard, just west of the southwest corner of McClintock Drive.”
Modernette Mobile Home Park comprises 79 spaces and six apartment units. It sits on 4.8 acres.
“We are representing our client through this sale toward completion of a 1031 tax deferred exchange,” Neville said. “Their focus is to exchange proceeds from the mobile home park sale into an acquisition of a single tenant, retail asset.”