PHOENIX—Marcus & Millichap has completed the sale of Chaparral Mobile Village, a fully improved, 359-site, all-age manufactured home community in Tempe at Kyrene and Baseline. The investment real estate asset sold for $23.85 million which equates to $66,435 per space at a 6.25 percent cap with a 43.75 percent expense load or $3,232 in expenses per site.

Douglas Danny, first vice president investments in Marcus & Millichap's San Diego office, along with Octavian Paul, associate in the firm's Phoenix office, represented the seller, Kort & Scott Financial Group. The buyer is a family trust.

Danny tells GlobeSt.com, “We had a lot of activity from developers; there is underlying land value here. The compelling factor in the sale was the scarcity of product. People are paying whatever they have to pay to get this type of asset. There is a huge amount of money chasing a limited amount of product.