By Meghan Hall
All types of residential properties in the Bay Area continue to be popular for investors. In Sunnyvale, the Mary Manor Estates was acquired on March 22 for about $39 million. The buyer was Hometown America Communities, according to The Mercury News, who was the first to report on the deal. The sellers were multiple family trusts that had owned the park.
Located at 125 N. Mary Ave., Hometown America acquired the property for all cash. In all, the community offers spay for 116 mobile homes. The mobile home park sits in between a mix of other residential communities, such as The Meadows Apartments and GROVE Apartments, and commercial, such as the Valley Research Park. Google’s campus, Levi’s Stadium and other large population magnets are located nearby.
Hometown America Communities is based in Chicago. Founded in 1997, the company’s portfolio spans about 66 communities across Arizona, California, Delaware, Florida, Massachusetts and more.
“Our properties are known nationwide for their quality amenities, professional on-site management, and the affordable lifestyle they provide for our residents,” a landing page for the firm states. “We provide an affordable pathway to homeownership for thousands of individuals and families.”
Residential throughout the Bay Area continues to see heavy interest from investors. At the beginning of February, FPA Multifamily announced that it was seeking a $1.35 billion capital raise to invest in markets such as the Bay Area. Other investors closed on deals: Ridge Capital purchased a 444-unit San Francisco portfolio for $189.5 million, while in Sacramento, a 204-unit community sold for $48 million.
