JLL Brokers California $99M MHC Portfolio Sale
- Sep 17, 2021
Hometown America has acquired two manufactured housing communities totaling 410 home sites near San Diego and Sacramento, Calif., in a transaction brokered by JLL. The seller was a Southern California-based private family office.
Diamond K Estates in Roseville, Calif., traded for $79.5 million, while Carman Ranch in Spring Valley, Calif., changed hands for $19 million, public records show.
Diamond K Estates is located at 16 Richards Drive and is almost 21 miles from downtown Sacramento. The over 55 community features 321 multi-section or larger homes on nearly 64 acres within walking distance of Sierra View Country Club and several retail and dining choices. Common-area amenities include billiards and game room, pool, shuffleboard and tennis courts.
The second community, Carman Ranch, is located at 2515 Sweetwater Road and features 89 homes sites. The property includes mainly double-wide homes occupying an almost 11-acre site situated less than 12 miles from downtown San Diego. Completed between 1967 and 1984, the community features a gated pool with patio, playground, clubhouse, as well as RV and other vehicle storage.
JLL Director Chris Collins, Managing Director Zach Koucos and Associate Bradley Vansant represented the seller. The manufactured housing sector has continued to maintain investor interest, Collins said in prepared remarks—a trend that shows no signs of slowing down. Just last month, for example, Marcus & Millichap brokered the $58 million sale of a manufactured housing community in Huntington Beach, Calif., roughly 32 miles south of Los Angeles.
Also in August, Chicago-based Hometown America secured $178 million toward the refinancing of five manufactured housing communities located in Massachusetts, New Jersey, Illinois and Florida. The fixed-rate loan was arranged by PGIM Real Estate.
This story was edited on Sept. 23 to reflect the sale price per public records.