Private Investor Pays $40M+ for Mobile Park

HUNTINGTON BEACH, CA-A private investor based in Orange County has paid more than $40 million to Pacific Mobile Home Park LLC of Huntington Beach for Pacific Mobile Home Park, a 256-unit, non-rent restricted, all-age family rental community on roughly 18.1 acres at 80 Huntington St. here. The actual sales price could not be disclosed, but according to Les Whittlesey, a founding principal of land broker WD Land, “This was a very large land transaction, in the high $40-million range, making the land value over $2.5 million per acre.”

Whittlesey and his firm’s Orange County expert Greg Sullivan represented the seller along with Brian Hopkins of the Cortland Co. “The park was owned by three brothers who decided it was time to sell this long-term family asset,” said Whittlesey in a prepared statement. “The property was marketed both as a mobile-home park investment opportunity and as a development opportunity to maximize value. Due to its unique location and potential upside still as a mobile-home park, the offers from mobile-home park buyers were very competitive, and since this type of buyer did not require a change in zoning in order to complete the transaction, a mobile-home park operator was a better selection as a buyer.”