Silvercrest Agrees to Sell Mobile Home Park Sale

Silvercrest Industries Inc. said it signed a letter of intent to sell the first phase of an 800-space mobile home community in Sylmar to privately held De Anza Real Estate Corp. of Beverly Hills for $8 million in cash.

Under terms of the agreement, De Anza has an option to purchase Phases Two and Three of the project, Santiago Estates, for an additional $19 million. All three phases of the San Fernando Valley project are currently under construction. Completion of the first phase, which has 303 spaces, is expected in August, Silvercrest said. The second phase is expected to be completed in June, 1987, and the third phase in June, 1988.

In addition to building mobile homes, Buena Park-based Silvercrest develops mobile home communities in California. De Anza acquires and manages mobile home parks throughout the country.

As reported, Silvercrest acquired Santiago Corp. of Santa Ana, a mobile home park developer, in January in exchange for newly issued common stock valued at about $5 million.

For its third fiscal quarter ended March 31, Silvercrest reported net income of $137,000 contrasted with a net loss of $1.4 million for the comparable period a year earlier.