Angeles Real Estate Corp. has sold nine mobile-home parks in California and Florida to American Retirement Communities, an institutional investor, for more than $90 million.
The four California and five Florida parks have more than 5,000 spaces. Angeles Real Estate Management Co. will continue to manage the parks.
Sold in California were Bermuda Palms and La Quinta Ridge, Indio; Poway Royal Mobile Estates, Poway, and Vista Diablo, Antioch.
Los Angeles-based Angeles Corp. and its subsidiaries manage more than $3.5 billion in securities and assets for corporations, institutions and about 165,000 individual investors.