HARRI5 Brokers $35M MHC Deal in San Diego
Keith Management picked up the property in an off-market transaction.
Keith Management has paid $35.3 million for Grandview Terrace Mobile Estates, according to San Diego County public records. Three private entities sold the 207-homesite manufactured housing community in Vista, Calif.
HARRI5 Principal & Founder Derek Harris worked on behalf of the buyer in the off-market transaction.
This purchase presented a rare opportunity for the Keith Management to invest in a five-star community that has never been on the market in the San Diego County, Harris told Multi-Housing News.
READ ALSO: Manufactured Housing Investment
Grandview Terrace Mobile Estates is a 55-plus, pet-friendly MHC at 718 Sycamore Ave. Occupying nearly 26 acres, the property is close to California State Route 78, as well as to interstates 5 and 15, allowing easy access through the San Diego and Los Angeles metro areas. Oceanside, Calif., is 12 miles away, with both downtown San Diego and San Diego International Airport some 38 miles away.
Built in 1969, Grandview Terrace Mobile Estates’ amenity package includes a swimming pool, a clubhouse, recreational facilities and off-street parking spaces. The property is close to multiple retail options, such as Target and Walmart, while also providing easy access to Carlsbad, Calif., beaches.
MHC’s strong fundamentals attract investors
Since the beginning of the year, the manufactured housing sector’s appeal has attracted multiple investors, drawn by its steady fundamentals. Recent deals closed in the Western U.S. include QuadReal Property Group’s $240 million acquisition in Colorado. The Canadian investor picked up two mobile home communities, encompassing more than 1,000 pads.
In March, Bridge Investment Group paid $16.3 million for a 123-homesite community in Mesa, Ariz. HARRI5 arranged the deal, while Freddie Mac provided acquisition funds.
