One Of East Bay's Largest Mobile Home Parks Sold
Spanish Ranch, one of the East Bay's largest mobile home parks, was sold to Monterey Coast LP for $39,500,000.
Hayward, California (PRWEB) December 9, 2007 -- Spanish Ranch Mobile Home Park, a 462-space mobile home park, has been acquired by San Francisco-based Monterey Coast LP for $39,500,000. The transaction was brokered by Barry C. Krupp, of Moison Investment Company who represented the sellers and procured the buyer.
The price equates to a 4.8 CAP based on trailing 12-month expenses, and 12-month proforma income based on allowable increases per Hayward Mobile Home Rent Stabilization Ordinance.
Spanish Ranch is a 5-Star park on 52 acres of land and is one of the largest mobile home parks in the East Bay. The buyer, Monterey Coast LP, is a private group specializing in the acquisition and management of apartment buildings and mobile home parks.
The seller, Spanish Ranch I LLC, is a private developer based out of Arizona. The company plans to diversify and exchange its equity into newer, larger shopping centers in the Las Vegas and Phoenix markets with higher cap rates.
According to Krupp, "The timing was perfect for taking advantage of the cap rate differential that exists between product types and locations."
Barry C. Krupp is a Broker Associate of Moison Investment Company in Los Altos, California. Moison Investment Company is a commercial brokerage and advisory group specializing in strategic planning for investors and the brokerage of income property.
Contact:
Barry C. Krupp, Broker Associate
bkrupp@moison.com
510-329-1502
http://www.moison.com
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