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10/26/21
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A 40-unit mobile home community in the Inland Empire was purchased by a local 1031- exchange buyer for $7.85 mil in cash. The purchase consists of 40 individual mobiles homes, located within the Spring Knolls, Warm Spring Knolls, and Golf Knolls Senior Communities, on a hillside area. Each home averages 1.4k sf and includes a front and backyard.
CBRE’s Eric Chen and Blake Torgerson represented the buyer and the seller, a prominent private local investor, who traded into a traditional multifamily property as part of a 1031 exchange. According to Chen, the portfolio offers the buyer the opportunity to potentially sell off units individually in the future.
“Murrieta is a very attractive Inland Empire market for senior residents,” said Torgerson. “What attracted the buyer is the ability to renovate the interiors of the units to provide a better standard of living for residents.”
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