October 27, 2015
Mobile-home parks aren’t normally thought of as the most sought-after commercial real estate properties, but private-equity firm Carlyle Group is apparently serious about these assets, as traditional home ownership costs continue to rise.
The company just paid about $180 million for the 85-acre Plaza Del Rey mobile park in Sunnyvale. Playa Del Rey contains 722 living units, which means that it bought the property for $250,000 per lot.
This is the second mobile-home buy in the Bay Area for Carlyle. It also recently acquired the Pacific Sky’s Estates, in Pacifica. That property will be converted into traditional housing, while Playa Del Rey is expected to run as mobile homes.