Three Pillar Communities Sells North California MHC
The 154-site Foothills Solar Mobile Home Park changed hands for $11.5 million.
Three Pillar Communities has sold Foothills Solar Mobile Home Park, a manufactured housing community in Butte Valley, Calif., for $11.5 million, to an undisclosed buyer. The property last traded in 2018, when the now seller purchased it for $6 million, Three Pillar Communities Co-Founder & Principal Daniel Weisfield told Multi-Housing News.
Located at 2920 Clark Road, the manufactured home community features 154 home lots, RV space rentals, a community garden, a recreational room and laundry facilities. Built in 1973, the manufactured home community is situated on a 62.2-acre lot across Butte College, 8.4 miles from Paradise, Calif., 12.6 miles from Oroville, Calif. and within 15 miles of Chico, Calif.
During its four-year ownership, Three Pillar Communities expanded the property from 127 home lots, added a $1.3 million solar power plant, new propane generators, a new playground area, and also improved the property’s roads, rebuilt its well control systems, overhauled the community’s old sewer treatment plan, and implemented additional resident programs and activities.
Three Pillar Communities has been active in the California MHC space this year. In January, the company disposed of Royal Palms Mobile Home Estates, a 96-site manufactured community in Tulare, Calif. The asset traded for $10.2 million, after being purchased in 2019 for $5.5 million. In 2022, Three Pillar also expanded outside the West Coast, purchasing a manufactured housing community in Texas.