South Bay Mobile Home Park Sells For $40M: Report

SAN JOSE, CA – Rancho Santa Teresa Mobile Home Estates – a San Jose mobile home park with hundreds of spaces – has been bought for $40.7 million, according to a Mercury News report.

The 315-space mobile home complex, located at 510 Saddle Brook Drive, was sold to a family from Atherton who, according to property records, obtained a loan of $30 million from First Foundation Bank at the time of their purchase, the outlet reported.

The report said that according to documents, the family trust listed as the buying group is led by John and Margaret Worthing.

While mobile home parks are often sought after by investors and real estate developers, according to the outlet, the Worthing family trust is not involved in real estate development.

Read the full report at The Mercury News.