POWAY, CA-Marcus & Millichap Real Estate Investment Services has announced that Poway Royal Estates has been acquired by Hometown America LLC for $38.3 million. The 51-acre, 399-unit mobile home park was developed in 1972 and is located at 13300 Alpine Drive. It includes residential units, retail complexes, and space for commercial office.
Hometown America plans to spend $1 million for renovation of the park. The seller was represented by Marcus & Millichap's VP Investments, Douglas Danny. For the full story, go to San Diego Business.
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