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Norton Karno Acquires Hemet's Colonial Golf & Country Club For $18.1M

Property Image
SOLD
$18,100,000

California

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Mobile Home
Sold 12/15/2023
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Property Image
SOLD

Norton Karno Acquires Hemet's Colonial Golf & Country Club For $18.1M

601 North Kirby Street

See Similar Deals
Mobile Home
Sold 12/15/2023
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:Mobile Home
Transaction Type:Sale

An entity connected to Norton Karno has acquired Hemet's Colonial Golf & Country Club, a 94-acre mobile home property in Hemet, for a total of $18.1 million. The property, which is limited to individuals aged 55 and older, includes an 18-hole golf course and is located at 601 North Kirby Street in Hemet. The sale price includes $28 million in assumed debt from PNC Bank.

Summary of transaction details

  • Property Type: Mobile Home
  • Sale Price: $18,100,000
  • Address: 601 North Kirby Street
  • Market: Hemet
  • Acres: 94

Fred Fleiming's entity, the seller, has transferred ownership of the property to Norton Karno's entity in this transaction. PNC Bank provided the assumed debt of $28 million as the lender. Hemet's Colonial Golf & Country Club, with its 550-stall mobile home community and an 18-hole golf course, has transitioned to new ownership under Norton Karno.

Players

PNC Bank
PNC Bank
LENDER

Details

SOLD
IMAGE: 12/15/2023 ADDRESS: 601 North Kirby Street MARKET: Hemet ASSET TYPE: Mobile Home ~ ACRES: 94 BUYER: Norton Karno SELLER: Fred Fleiming LENDER: PNC Bank (@PNCBank) SALE PRICE: $18,100,000 NOTE: Hemet's Colonial Golf & Country Club, a 550-stall mobile home community, was acquired by an entity connected to Norton Karno for $18.1 million, including $28 million in assumed debt from PNC Bank. The 94-acre property, restricted to individuals aged 55 and older, includes an 18-hole golf course and was sold by an entity linked to Fred Fleiming.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$965,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$64,305.48
Cash-on-Cash Return-1.27%
Monthly Debt Service$85,803.23
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