The Washington, DC -based investment and asset management firm Carlyle Group has just purchased its second mobile park in the Bay Area in just as many months. Following a $42 million investment into a joint venture to buy the Pacific Skies Estates in Pacifica, the firm just spend $150 million for an 85-acre Plaza Del Ray mobile park in Sunnyvale. The deal was reported by the Silicon Valley Business Journal.
[contextly_sidebar id=”lTYpoyOvSozHEdAZ03CiDhPDx3tvzzT5″]The park is located in the northwest corner of what is known to be the Golden Triangle of Silicon Valley. It sits roughly a mile east of the Moffett Federal Airfield, less than a mile from Jay Paul’s soon-to-be Google-occupied Moffett Place. It is within the same or similar distance from North San Jose’s burgeoning development region where several new developments are under way, where Apple Computer just purchased a number of assets and the home of the new Levi’s Stadium in Santa Clara.The deal also includes a parcel that is leased from the Sunnyvale school district, but no figures confirmed whether that parcel was included in the price or not. The 722-unit Plaza Del Rey at $150 million would come to nearly $208,000 per lot.
Plaza Del Rey was sold by the descendants of the Engdol family, who had developed the park in the early 1970s. No plans have been revealed about the future of the park, and the city of Sunnyvale has not received any proposals at this time.
The Carlyle Group is a NASDAQ-traded private equity firm based in Washington, DC. It was founded in 1987, and it lists its main products as leveraged buyouts, growth capital, energy, energy lending, structured credit and real estate. The firm manages nearly $36 billion in assets and produced a net income of $962 million on revenue of nearly $3 billion. It has 1,650 employees.
