Rancho Estates Sells for $25,000,000

MUELLER & HOFFMAN MANUFACTURED HOUSING?as exclusive agent for the owner, is pleased to announce the sale of Rancho Estates manufactured housing community in Goleta, CA for $25,000,000. Rancho Estates is a 100% occupied, all-age community with 150 sites. Rancho Estates offers a new owner significant upside and maximum flexibility due to a unique development agreement in place with the City of Goleta. Rancho Estates can: continue to run as a conventional MHC in an irreplaceable beachside location; bring tenants with certain income levels up to market rents as opposed to being subject to strict rent control; offer to sell lots to existing tenants and ultimately third parties and be run under an HOA regime. A recent appraisal valuing the individual lots estimates a combined value of $53,465,000, or 214% of the offering price.