Northmarq brokers sale of age-restricted manufactured housing community for $8.68M in Southern California
OCEANSIDE, Calif. (Sept. 23, 2024) — Northmarq’s Los Angeles Manufactured Housing Investment Sales team of Jeff Benson, managing director, and Sam Neumark, senior vice president, successfully brokered the $8,6750,000 sale of Trico Mobile Estates in Oceanside, California. The manufactured housing community is restricted to residents ages 55 and above and features 97 spaces.
Northmarq represented the buyer, Oceanside Terrace LLC, a California-based MHC investor.
“The sale involved navigating the nuances of the local rent control ordinances, which are fairly restrictive within the city of Oceanside, California,” said Neumark.
“The ultimate sale — at an aggressive market cap rate — underscores the demand for quality manufactured housing communities in strong markets, such as Southern California,” said Benson.
Located at 221 N. El Camino Real, Trico Mobile Estates offers residents convenient access to shopping, recreation and dining. The property boasts easy access to the San Luis Rey Mission Expressway and Mission Avenue and a 13-minute drive to Oceanside City’s beaches. In addition to its ideal location, Trico Mobile Estates features an array of community amenities, such as a clubhouse, swimming pool, laundry facilities and more.
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