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by CareyBot

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 ...