The transit-oriented development is part of a 1 million-square-foot mixed-use property.
The sale represents the final stage of a reverse 1031 exchange.
The new owner is planning extensive renovations to unit interiors at the 11-acre property.
The two facilities offer a total of 3,100 units.
While developing the luxury project, the firm also invested $20 million in local infrastructure.
The buyer plans to expand the mobile home community to a total of 400 homesites.
The new owner rebranded the 178-unit property as Gateway Station.
The neighborhood is set to include thousands of residential units, retail space and parks.
Construction is slated to begin in early 2023.
In a gentrifying neighborhood, this 75-year-old community offers longtime residents the chance to plant roots.