La Buona Vita, a 109-unit mobile home park, traded for $20 million ($183,486/unit). This is the first time the property traded ownership since it was developed in 1970. La Buona Vita Mobile Home Park is located at 605 N. Capitol Avenue in San Jose and situated on 14.13 acres. The property sold in late September of this year.
At the time of the sale, the park was 100% occupied. La Buona Vita, translation “The Good Life,” features many amenities including a clubhouse, swimming pool, hot tub and on-site laundry. The property is closely located to numerous amenities, including shopping, restaurants, public transportation and entertainment.
Tony Odom of CSR Commercial represented the Seller, Barbaccia Properties. It was an off-market transaction. Barbaccia Properties has developed and operated mobile home parks and apartment communities in the San Jose area since the early 1960’s. They currently own and operate Magic Sands (541 units) and Villa Teresa Mobile Home Parks (147 units).
The buyer, Rutherford Investments, was represented by Jim Carter and Bill Harrigan of Intero Commercial. Rutherford Investments is engaged primarily in the acquisition and long-term ownership of apartment communities and manufactured housing communities in many of the strongest markets in California. Rutherford’s assets total over $1.8 billion with over 5,100 apartment units and over 2,600 manufactured home spaces.
About CSR Commercial Real Estate Services
CSR Commercial is a local, independently owned, full-service commercial real estate brokerage. Products and services include landlord and tenant representation, buyer and seller representation, consultation on real estate investment strategies, 1031 exchanges, construction project management, business brokerage and all levels of commercial financing. Founded in 2007, CSR Commercial has grown into one of the most trusted names in Silicon Valley commercial real estate.