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.
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