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It is the largest mobile home park sale ever in Oklahoma and “should never have happened,” the broker said, with interest rates on the loans so high.
But that happened because buyers were “hungry” to expand their position in the metro area, so they bought a park in Norman and two in El Reno. The value of the portfolio: $21,477,000, in a transaction finalized through OKC brokerage firm Keith Wilson. Co.
The sale included 356 sites, 277 for cell homes and 79 for RVs, and 136 cell homes, 54 built between 2019 and 2023, “which is very new for the Oklahoma market,” Wilson said. They are rent-to-own and the other portion are leases, she said.
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“I sold this portfolio to those dealers in Connecticut in 2018 for $12,700,000. “California buyers were looking to expand into OKC/Tulsa and saw an opportunity, albeit in a tough market due to higher interest rates,” said Wilson, a longtime fleet sales specialist. households.
Wilson said owner-investors of cell phone fleets are just as “stuck” as single-family homes with low-interest mortgages and are reluctant to move out and get a higher-interest loan.
“As low-interest loans mature, the cell home park owner will be forced to refinance at much higher rates or sell to a customer who will have to borrow at much higher rates and wait for discounted value to do so. abundant amount of money, the time remaining for its low-interest financing simply remains unchanged,” he said.
However, buyers in this portfolio, determined to invest in Oklahoma, “have committed a gigantic amount of principal, hoping to refinance at lower rates, in the not-too-distant future,” he said.
MOBILE HOME BROKER? Wrong Fax Sends 10-Year Run as Oklahoma Takes Off on Park Properties
Rising interest rates have slowed mobile home park sales, as have real estate sales, Wilson said.
“Historically, when interest rates are this fast, there’s a lag before traders settle for the new truth and costs start to fall. That hasn’t happened in a meaningful way yet,” he said.
The parks were:
Sunnylane Estates, 17200 S Sunnylane Road, Norman: 47. 1 acres, 102s (91 mobile homes, 11 RVs), rent $480 per month.
El Reno Estates, 1501 S Rock Island Ave. , El Reno: 23 acres, 165s (104 mobile homes, 61 RVs), rent $460 per month.
Skyview Estates, 1644 E Highway 66, El Reno: 15 acres, 89s (82 mobile homes, seven RVs), rent $460 per month.
Valencia Shops Baceline LLC paid $4,050,000 to 178th Penn LLC for a 19,925-foot advertising property, Shops At Valencia, in 2012 NW 178. George Williams and Paul Ravencraft controlled the transaction.
Adam
Big Land Holding Co. LLC paid the Oklahoma District Council for Assemblies of God Inc. $550,000 for 10 acres in the 2600 block of SW 15. Cordell Brown handled the transaction.
Sunnylane RE LLC has leased 20,220 feet of commercial area at 6820 S Sunnylane Road. Cody Beat and Mark Patton handled the transaction.
Safety National Casualty Corp. has leased 16,210 square feet of area at the IBC Center at 3817 Northwest Expressway. Craig Tucker handled the transaction.
Johnson
Stewart Title has leased 5,933 square feet of area in the Buick building at 1101 N Broadway Ave. Allison Barta Bailey controlled the transaction.
The Oklahoma State Board of Elections has leased 5,692 square feet of land at 3017 N Stiles Ave. in Oklahoma City. Tre Dupuy and Ian Self handled the transaction.
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Richard Mize, senior economics editor, has covered housing, construction, advertising, real estate and similar topics for the newspaper and Oklahoman. com since 1999. Contact him at rmize@oklahoman. com. Subscribe to his weekly newsletter, Real Estate with Richard Mize. You can view Richard’s paintings and those of his colleagues by purchasing a virtual subscription to The Oklahoman. Right now, you can get 6 months of subscriber-only access for $1.
This article made the impression in Oklahoman: OKC Real Estate: Mobile Home Parks Sell Despite Interest Rates
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