Marcus & Millichap Brokers California MHC Deal
Two adjacent properties changed hands for the first time ever.
Marcus & Millichap has closed a portfolio deal that includes a manufactured housing community and a recreational vehicle park, totaling 150 homesites in Vista, Calif.
Pacific Current Partners paid $20.4 million for two adjacent properties: Melrose Trailer Park and Olive Avenue RV Resort.
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At the time of the sale, the properties were 98 percent occupied, having been owned by the same operator for generations.
Dustin Wilmer, first vice president of investments in Marcus & Millichap’s San Diego Del Mar office, and Senior Managing Director Douglas Danny, represented the seller and procured the buyer.
Sold for the first time
This was the first time that the two assets changed hands, according to a prepared statement from Wilmer. Melrose Trailer Park is an all-age manufactured housing community at 510 N. Melrose Drive, featuring 14 homesites occupied by tenant-owned mobile homes and 76 RV sites. Amenities include a swimming pool, laundry facilities and off-street vehicle parking.
The other asset, Olive Avenue RV Resort, is an all-age, pet-friendly park located at 713 Olive Ave. that includes 60 full hook-up sites. Residents have access to a clubhouse with a partial kitchen, a recreational room, a swimming pool and spa facilities, restrooms, showers and a dog park, while resident services include Wi-Fi, free cable TV, laundry facilities and mail services.
The properties are close to interstates 5 and 15, which provide easy connectivity throughout the area. San Diego International Airport and downtown San Diego are roughly 42 miles away.
