Bruce Davies has acquired Mid Town Mobile Terrace, a 78-unit mobile home park in Salinas, California, for $8.08 million. The property traded at a 6.87% cap rate.
Located at 1117 Baldwin St in the Greater Salinas area, the single-story community features studio units and has a 97% occupancy rate with just two vacant units.
The seller, Gregory T. Mason, had owned the property since April 2015, when it was purchased for $6.35 million. The recent sale represents a 27% increase in value over that nine-year holding period.
Davies adds to his growing portfolio with this acquisition. The buyer currently owns 12 properties totaling approximately 451,000 square feet, according to CoStar data.
For the record
John Sheedy of Park Brokerage and Commercial Real Estate represented the buyer. Andrew Whinery, First Vice President of Marcus & Millichap, represented the seller.