What's the Hottest New Asset Class?

Tuesday, March 18, 2014

Richard Close, a member of Cozen O'Connor's Real Estate Practice, discusses the increase in mobile home transactions in the Los Angeles area in Bisnow. Richard explains how investors and developers are buying mobile home parks to build retail or multifamily uses, such as the Village Trailer Park in Santa Monica, which is being redeveloped into condos and apartments. Richard said that "the end of redevelopment agencies made it tough to assemble large parcels, so developers buy these parks for good locations," most commonly in urban or beach areas. A California state law guarantees that park owners can close the mobile home parks as long as the redevelopment plan is approved by the city, and they pay their residents a fair relocation fee.

To read the full article, click here.


Related Practice Areas

Keep up-to-date with the latest news from Cozen O'Connor

Enter your City or Zip.

Probably shouldn't change this:
Sign up to receive alerts, publications, and event / webinar invites.

By submitting your contact information, you are giving Cozen O'Connor consent to contact you via email.