By Meghan Hall
Sunnyvale’s housing market continues to surge alongside the town’s rapidly expanding job market, as indicated by the recent sale of an 800-unit mobile home community off the Lawrence Expressway. As first reported by The Mercury News, Plaza Del Rey MHC, an affiliate of American Hometown Communities based in Chicago, has paid $237.4 million for the property in a transaction that closed at the end of August.
The transaction also included a ground lease, granted to American Hometown by the Sunnyvale School District. However, the value of the ground lease was not mentioned in public records detailing the deal.
The seller of the property, located at 1225 was the Carlyle Group, who originally paid $151.5million for the property, shows public documents. According to Plaza Del Rey’s website, there are currently three units available, all three-bedroom, two-bathroom homes at between 1,500 and 1,800 square feet. Two of the units had additional details provided; they were constructed in 2005 and 2018, and are going for $259,900 and $309,900, respectively. The lot rent for both units is $2,200 per month.
Overall, Plaza Del Rey features many amenities, including: three clubhouses, three pools, two saunas, a bocce ball court, a fitness center, playground and clubhouse. The community’s website also states that the property is close to 95-acres. The property is close to the historic El Camino Real, and Highway 101, two of Sunnyvale’s busies thoroughfares. Another mobile home park, Casa De Amigos, is located just across Tasman Drive. The community features 915 homes.
Manufactured home communities — also known as mobile homes — can be a less expensive alternative for many looking for housing in one of the Bay Area’s most expensive submarkets. Throughout the San Francisco Peninsula, rents have increased by 2.7 percent year-over-year to reach $3,113 for all unit types, according to a second quarter multifamily market report released by Kidder Mathews. In Santa Clara County, where Sunnyvale is located, the average asking rent is $2,901, $700 more per month than the current lot rent at the Plaza Del Rey.