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.”
