Trade of two manufactured home communities closes in California
JLL Capital Markets closed the sale of the 410-home site portfolio in Sacramento and San Diego
San Diego, Calif., August 26, 2021 – JLL Capital Markets announced today that it has closed the sale of two California manufactured home communities totaling 410 home sites, Diamond K Estates in Roseville and Carman Ranch MHC in San Diego, California.
JLL marketed the properties on behalf of the seller, a Southern California based private family office. Chicago-based Hometown America acquired the assets.
Located in the Sacramento suburb of Roseville at 16 Richards Dr., Diamond K Estates is a 55+ community featuring 321 multi-section or larger homes. The community sits on 63.7-acres and offers residents a recreation center with assembly room; service kitchen; billiards and game room; planned community events; large pool area; shuffleboard; tennis courts; horseshoe pits; scenic pond with water feature; and a historic ranch building within walking distance from the Sierra View Country Club.
Built in phases in 1967 and 1984, Carman Ranch is located at 2515 Sweetwater Rd., 11-miles east of downtown San Diego in Spring Valley. The 10.82-acre property features 89 homes sites with predominantly double wide homes. The community offers residents a gated pool with patio; playground; basketball, tennis and handball courts; clubhouse with management office; billiards; kitchen; laundry room and community storage; and RV and other vehicle storage.
The Capital Markets investment sales advisory team representing the seller included Director Chris Collins, Managing Director Zach Koucos and associate Bradley Vansant.
“Our family is thankful to JLL and their team for assisting us with the sale of two long held assets that had great meaning to us over the years,” said a representative of the seller. “JLL helped us find a buyer who shares our values, and consequently we were comfortable with the sale from the beginning. The process was a complicated one, but the JLL professionals led us through all the facets of the sale with great expertise.”
“Diamond K Estates and Carman Ranch MHC represented an exceptional opportunity to acquire two institutional-quality manufactured housing communities in highly desirable Northern and Southern California locations,” added Collins. “These assets were highly contested due to the lack of inventory in the market. Manufactured housing has continued to gain investor attention as an alternative asset, and we don’t see this momentum slowing down.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Hometown America
Founded in 1997, Hometown America is a privately held company that owns and operates manufactured housing communities across the country. Today, they operate more than 74 communities in twelve states. For more information, visit hometownamerica.com.