Family Trust Acquires 315-Space Mobile Home Community in San Jose for $40.7MM 

San Jose, Edenvale, Rancho Santa Teresa Mobile Home Estates, Santa Teresa LLC, Sunnyvale, Hometown America, Oroville

By Catherine Sweeney

As residential assets continue to be a popular choice amongst investors, the Bay Area is seeing a variety of residential property types being picked up. In a deal that closed on Oct. 13, a mobile home park in San Jose’s Edenvale district traded for $40.7 million, or according to The Mercury News, which first reported on the sale. 

Located at 510 Saddle Brook Drive, Rancho Santa Teresa Mobile Home Estates was acquired by a family trust headed by John Worthing and Margaret Worthing and based in Atherton, Calif. The seller in the transaction was an entity affiliated with Santa Teresa LLC, which initially acquired the asset in 2003, according to property records. 

Gantry’s Jeff Matlock, Director, and Crischell Bacarro, Associate, with the firm’s San Francisco and El Segundo (Los Angeles) production offices, respectively, secured a $30 million loan on behalf of the buyer, according to information from Gantry.

Rancho Santa Teresa Mobile Home Estates is a 315-space mobile home park sitting on approximately 34 acres, according to the property’s website. In addition to its residential space, the property is also home to three laundry rooms, a clubhouse, heated pool, billiards room, two car washes, a private conference room, basketball court, picnic areas and walking paths.

The mobile home park is located within close proximity to  Edenvale Park and Chynoweth Park. Additionally, the community has access to freeways 85, 87 and 101 and runs parallel to Monterey Highway. 

Investments in mobile home communities have become more apparent in Northern California in recent years. 

One recent sale in the Bay Area includes a $39 million deal in Sunnyvale. In March, Hometown America acquired the 116-unit mobile home community at 125 N. Mary Ave. from multiple local family trusts, according to previous reporting from The Registry. 

Earlier this month, a 128-space mobile home community in Oroville, Calif. Also sold for $15 million. The property, known as Olive Hill, sold for $15 million and is located at 2921 Wyandotte Avenue, according to a sales announcement form Northmarq, which brokered the deal.

West Coast Commercial Real Estate News