Real estate company in Laguna Terrace deal
A Chicago-based private real estate company that specializes in manufactured housing is in escrow to purchase the Laguna Terrace Park, according to a broker familiar with the transaction.
Hometown America Communities is “undergoing customary due diligence inspections of the property,” Vince Reynolds, a real estate broker with CBRE, said in a news release. Terms of the sale were not disclosed.
Reynolds expects the deal to close later in the spring, he said in a follow-up email.
A call to Hometown America Communities on Thursday was not returned.
The company’s website lists seven properties in California, with the closest ones in Riverside and Corona. The company operates 45 properties in 11 states.
Residents of Laguna Terrace, a mobile home community along Coast Highway, tried to purchase the property for $52.5 million but were denied last year.
The park sits on land currently owned by the Esslinger family. It contains 158 homes that sit on 20 of the property’s 270 acres.
Twitter: @AldertonBryce
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