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Home > Analysis and Commentary, Business, Company News, Manufactured Home Communities, Manufactured Homes, Manufactured Housing Industry, Stocks > Sam Zell’s Equity Life’s Properties (ELS) Score$ Again, Manufactured Home Communities Industry’s Most Complete Report

Sam Zell’s Equity Life’s Properties (ELS) Score$ Again, Manufactured Home Communities Industry’s Most Complete Report

July 26th, 2018

 

SamZellEquityLifeStylePropertiesELSScoresAgainEvergladeLakesDaviesFLManufacturedHomeCommunitiesIndustryDailyBusinessNewsMHProNewsThe Business Journal noted that Equity LifeStyle Properties (ELS) has 409 properties in the U.S. and Canada.

 

The Real Deal touted the ELS Chairman Sam Zell angle, in announcing the $50.35 million dollar purchase price.

None of the mainstream media sources bothered to show that the monthly site fees stood at a “Low Lot Rent of $665,” per the Everglades Lakes, LLC – Davie, FL – website. 

What did Marguerite Nader lead ELS get for their $50+ million?

EvergladeLakesManufacturedHomesNotMobileHomesCommunityEquityLifestylePropELSDailyBusinessNewsMHProNews

This beautiful [Everglades Lakes] community has 612 well maintained lots, a recreation building, a card room, pool room with pool tables, kitchen facilities in the building, mens and ladies rooms each have steam rooms, exercise room, 2 swimming pools (one that is heated at parks discretion), whirlpool, laundry facilities with 18 washing machines and 10 dryers, cloths lines in an enclosed area, 8 shuffleboard courts, and a putting green,” states their website.

EvergladeLakesManufacturedHomesNotMobileHomesCommunityEquityLifestylePropELSDailyBusinessNewsMHProNews598

To get a sense of housing cost, an early 1990s 2+1 single section for sale with a screened in addition was listed for $19,995. That’s likely about what it sold for new. 

TopValueEvergladesLakeDavieFLEquityLifestylePropertiesManufacturedHOmeCommuniteisIndustryDailyBusinessNewsMHProNews

The price is in the ball park of what a 14×56 with an add-on may have cost new in 1992. It may have risen in value, even on a land-lease, contrary to popular misconceptions.  See download of updated NAR report, from the post linked here.

The lawns are cut by the community and there is a 24 hour manned security gated entrance. Garbage pick-up is provided twice a week. A small (under 25 lbs non-aggressive breed) pet is welcome,” potential applicants are told. Public ratings per Google give it four out of five possible stars. 

The $50.35 million purchase price, divided by 612 home sites yields $82,271.24 per pad.  The property is about 100 acres, so there is a fraction over 6 homes average per acre.  The property includes common spaces, a modest but attractive lake, and waterways.

 

EverygreenLakesLLCDavieFLSatELSPropertiesViewDailyBusinessNewsMHProNEws

Potential investors often don’t get a true sense of why a property like this would sell for over 82K per home site. Added details and illustrations completes the picture the mainstream media may skim or miss.

It’s located just off the Florida Turnpike, west of Fort Lauderdale and north of Miami. 

ELS is a Real Estate Investment Trust (REIT), and one of the top two community operations in the manufactured home community space.  Their leadership team includes: 

MargueriteNaderPresidentCEOEquityLifestylePropertiesELSGlassDoorPostedDailyBusinessNewsMHProNews   Marguerite Nader – President and CEO

   Paul Seavey – EVP and CFO

   Patrick Waite – EVP and COO

 

2018Top50ManufacturedHomeCommunitiesListNotMObileHomeParksNCCNationalCommunitiesCouncilManufacturedHousingInsttitueDailyBusinessNewsMHProNEws

For more details, click here

They have locations in 32 states, plus British Columbia in Canada.

The seller, Everglades Lakes Mobile Home Community LTD, is led by Marjorie L. Black. Records show the company bought the property in 1971 for $1.6 million. It was completed in 1973,” per the Real Deal, which stated the obvious with the following for those who know the red hot communities environment. 

“…South Floridas mobile home parks are becoming prime targets for investors and developers. Earlier this year, two neighboring mobile home communities in Hialeah were picked up by separate investors for nearly $20 million, combined. Last year, the Carlyle Group paid $45.2 million for a 437-unit mobile home community in Boynton Beach and in 2016, Sun Communities dropped $1.68 billion for a portfolio of mobile home communities throughout the nation, including 35 properties in Florida.

Links to ELS more connected and MH communities sector ressources are found under the related reports, below the byline and emailed headline news sign up. ELS closed up yesterday, and is one of the stocks tracked in the evening market report – see that linked here. That’s MH “Industry News, Tips, and Views That Pros Can Use.” ©  ##  (News, analysis, and commentary.)

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SoheylaKovachDailyBusinessNewsMHProNewsMHLivingNewsSubmitted by Soheyla Kovach to the Daily Business News for MHProNews.com. Soheyla is a managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.

 

 

 

 

 

Related Reports:

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Sam Zell’s Equity Lifestyle Properties (ELS) Unique New Score


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