Richard Close, a member of Cozen O'Connor's Real Estate Practice Group, discusses California investors' increased interest in purchasing and redeveloping manufactured housing properties in Real Estate Finance & Investment. "The Holy Grail for an investor is to acquire a property and redevelop additional land for other uses, such as shopping centers, apartments, or condos," said Richard. However, few of these properties are for sale, and many offer fewer than 100 units, which is less desirable for larger investors. Investors typically find properties through direct inquiries to owners and networking. "Many communities were built in the 1970s and these owners are now thirty-five years old. I think there will be more properties for sale in 2014 because of the age of the owners," Richard explains.
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