Manufactured housing, once viewed as a niche commercial real estate sector, is seeing more interest from investors who view these properties as a relatively safe investment with a good potential for upside. “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 Close, a Los Angeles-based partner at Gilchrist & Rutter.

There’s one problem, however: few of these properties are up for sale. What’s more, the....

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