By Gabriella Del Rio
Lost Dutchman RV Resort, the largest recreational vehicle park in Apache Junction, has been sold for $34 million.
Russ Warner, vice president of NAI Horizon’s Manufactured Housing Group, and his son Andrew represented the seller, California-based PVC Properties Inc. The sellers wanted to simplify their lives, and the buyer was seeking an investment in a large, high-quality RV park in the area, according to Russ.
“The strong pricing of the gated park is a tribute to the seller’s success in creating a sense of community for the residents,” Russ says. “The resort’s occupancy and an unusually small number of for-sale signs in the park are reflections of their efforts.”
Residents of the park are 55 years and older and come from all over the country. Lost Dutchman Resort has “an excellent reputation and has regularly achieved four- and five-star approval ratings,” Russ adds.
Warner explains the new owner – Spear Group of Arizona City – hopes to make improvements to the pool, clubhouse and common area, but current residents will not be affected. Residents enjoy many amenities including two swimming pools, an exercise room, dancing and other activities. The park also has various fitness classes such as water exercise, aerobics, tai chi and yoga.
Lost Dutchman RV Resort is made up of 730 spaces. “More than 93 percent of the sites in Lost Dutchman are occupied by park models,” Russ explains.
Spear Group owns nearly 2,400 RV and mobile home spaces throughout Arizona.