SUNNYVALE (KPIX 5) — A mobile home park in Silicon Valley has sold for a massive nine-figure sum, the price of the property driven up by its proximity to several tech giants.
The Plaza Del Rey Mobile Home Park sits smack dab in the middle of Silicon Valley near some of the most famous companies in the world, Apple, Google and Facebook.
The entire mobile home park with 300 homes on 92 acres recently sold for $237 million, reportedly purchased by a group of investors in Chicago.
“That’s a lot of money. I wouldn’t even know what to do with that kind of money!” said resident Melissa Perez.
This is not your normal manufactured home park. The homes generally sell for a quarter million dollars, which is dirt cheap compared to traditional home in nearby Mountain View or Sunnyvale.
The park has three pools, three saunas and several community club houses but the sale has some folks, like Joy Lopez nervous. When asked about the new ownership, she simply replied, “Haven’t met them yet.”
“I hope they just don’t say, ‘OK, Let’s see. We’ve been here two years. Ok, let’s sell it again,'” said Melissa Perez
“My hope is that they’ll bring the rent price down,” said Lopez.
The new owners told KPIX 5 by phone that they are long-term investors. At a recent community meeting, they offered new low-interest, 25 year leases for the lot to the home owners to prove the point.
“Plaza Del Rey is a beautiful property with a thriving resident community, and offers one of the most affordable homeownership opportunities in the region,” the representative said.