Hometown America has acquired Mary Manor Estates, a 116-site manufactured housing in Sunnyvale, Calif., from a private seller. HARRI5 brokered the $39 million deal on behalf of both parties.
READ ALSO: What 2022 Holds for Manufactured Housing
Located at 125 N. Mary Ave., the property is close to the Central Expressway, a four-lane highway connecting Santa Clara, Sunnyvale and Mountain View, Calif. The community is roughly 12 miles from San Jose and less than 40 miles south of San Francisco, and provides easy access to public transit, including the Valley Transportation Authority and Caltrain terminals.
Built in 1974, the asset was fully leased at the time of sale. Community amenities include a pool, clubhouse and car washing station.
The Bay Area has been struggling with a severe lack of affordable housing for some years, as high land and construction costs kept new supply low. Manufactured housing communities have emerged as one of the most viable alternatives for low-income residents. Investors’ interest in the asset type is increasing, with more and more big players entering the industry or expanding their portfolios.