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 senior mobile home park in Vista, Calif., commanded a sales price of $10 million from a Northern California-based investment group.
The 224-unit Diamond Valley Mobile Home Park is a smaller two-star RV park in San Jacinto, Calif., that sold for $1.4 million to Southern California-based Rapid Investments.
A 446-unit, three-star mobile home park with an adjacent one-star 136-unit RV park in Las Vegas commanded a sales price of $16.5 million from a private San Francisco investor.
Herrmann, Danny and Mockler secured and represented the ultimate buyers of each of the properties.
Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage.
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