Mobile home, RV park portfolio changes hands

Four different investors nab SoCal, Nevada properties

Marcus & Millichap arranged the sale of a seven-property mobile home and RV park portfolio in southern California and Nevada. The value of the portfolio was $45 million. The portfolio consists of seven properties with five in southern California and two in Las Vegas. The properties were offered on a basis of a five-year lease agreement with the option to purchase. Individual properties in the portfolio were purchased by four different buyers. Essex Property Trust, a publicly traded West Coast real estate investment trust, was the seller. The properties in the portfolio include two three-plus-star RV parks in El Cajon, Calif. The 179-unit Circle RV Ranch sold for $6 million. The 158-unit Vacationer RV Ranch sold for $5.1 million. The 1,019-unit Golden Village Mobile Home Park is a five-star destination RV park in Hemet, Calif., that sold for $7.4 million. The three properties were purchased by a La Jolla, Calif.-based private investor. The five-star, 157-unit Green Valley sen...