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Posts Tagged ‘bizjournals’

Modular Builder Zeta Closes Facility

March 28th, 2016 Comments off

modular two story being sited  excel homesAs MHProNews last reported March 10, 2016, Zeta Communities of Sacramento, Calif. was partnering with non-profit BRIDGE to build an affordable modular apartment building in San Leandro, the first of its kind in the Bay Area.

The apartments were set to be available to people who earn half of the median income in the area. So far, 18,000 applications have been received, underscoring the fact that a new home in the Bay Area can cost $700,000 to $800,000.

Now, however, according to bizjournals, green builder Zeta shuttered its factory in McClellan Park in Sacramento Tue., March 22, laying off 122 employees, notifying the state employment office that the closing was permanent. It’s unknown whether the company is still operating, as neither officials from Zeta nor from McClellan Park were allegedly available for comment. The company leases 91,000 square feet at McClellan. ##

(Photo credit: Excel Homes–modular two-story being sited)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

 

SSK Acquires Hickory Hills MHC in Kentucky

February 10th, 2016 Comments off

kentucky__florence_hickory_hills_mhc__mobilehomeparkstore__creditMHProNews has learned from bizjournals that Erlanger, Kentucky-based SSK Communities has acquired Hickory Hills manufactured home community in Florence, Kentucky, marking SSK’s third acquisition this year. The community is adjacent to SSK’s Mosby Pointe, and residents of Hickory Hills will have access to amenities at Mosby, including the clubhouse and playgrounds.

Nathan Smith, former chairman of the Manufactured Housing Institute (MHI), is the owner and co-founder of SSK. He said, “We look forward to bringing this community up to the standards of Mosby’s Pointe and welcoming our new neighbors.”

According to mobilehomeparkstore, Hickory Hills has 101 home sites and a 69 percent occupancy rate when it was posted for sale at auction on Sept 28, 2015.

SSK’s portfolio includes 31 manufactured home communities with 6,900 home sites in Ohio, Indiana, and Kentucky. It is one of the largest MHC owners in the Midwest, and ranks among the top 30 in the nation. ##

(Photo credit: mobilehomeparkstore–Hickory Hills manufactured home community)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Block Grants will Replace Manufactured Homes in Western NY

December 22nd, 2015 Comments off

mh_on_truck__credit_champion_homesAs part of a statewide allocation of $22.6 million in grants that will help create affordable housing, deliver social services and revive downtown communities covering 1,166 different projects, more than $2 million will be going to communities in western New York state to improve homes and help create a path for homeownership.

Announced Dec. 17 at the state’s Rochester Housing, Community and Faith-Based Development Conference, over $1.6 million comes through the Community Development Block Grant (CDBG) program to replace manufactured homes in Allegany and Chautauqua Counties, as bizjounals tells MHProNews.

Located in far western New York, the Town of Ellington will receive $426,000 and the other town in Chautauqua County, the Village of Lakewood, will garner $492,500. Allegany County, in southwestern New York, will receive $850,000.

As MHProNews reported Sept. 14, 2015, $850,000 in CDBG grants was awarded St. Lawrence County, NY, also to replace some manufactured homes, as well as to rehab older homes with an emphasis on energy efficiency upgrades. ##

(Photo credit: Champion Homes–new manufactured home on its way to a new site)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Nathan Smith Tapped to serve on Airport Board

November 3rd, 2015 Comments off

nathan_smith_in_front_of_an_MH_for_sale__carrie_cochran__enquirerKentucky Gov. Steve Beshear has chosen SSK Communities owner and co-founder Nathan Smith to serve on the reorganized 13-member Cincinnati/Northern Kentucky International Airport (CVG) board of directors. He is the only board member selected directly by the KY governor. The other members are nominated from the KY counties adjoining the airport, which is in Kenton County.

I am honored to serve on the new CVG board and look forward to continuing to push forward progress for the airport that is so important to our local economy,” Smith said in a statement. “More carriers are flying in and out of CVG and we expect more competition and flights in the future.

Smith had served on the now non-existent CVG Advisory Board, and recently completed a term as chairman of the board of the Manufactured Housing Institute (MHI). He is also chairman of the Board of Regents of Northern Kentucky University.

The largest manufactured home community (MHC) owner in Kentucky, and one of the largest in the Midwest, SSK has a portfolio of 29 MHCs comprised of over 5,000 homes. ##

(Photo credit: enquirer/Carrie Cochran-Nathan Smith at one of his communities)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Carlyle Acquires another Bay Area Manufactured Home Community

October 28th, 2015 Comments off

plaza_del_rey_mhc__sunnyvale_ca__carlyle_group__yahoo_creditBy some estimates, ranked as the largest private equity firm in the world with $193 billion in assets under management, the Washington, D. C.-based Carlyle Group has invested in another manufactured home community (MHC) in California, according to bizjournals. As MHProNews reported Sept. 22, 2015, Carlyle took part ownership in Pacific Skies Estates MHC overlooking the Pacific Ocean, intending to upgrade the community.

The new acquisition, Sunnyvale’s Plaza Del Rey, is huge by comparison to Pacific Skies, which has 93 home sites. Plaza Del Rey counts 722 home sites sprawled over 85 acres, and with a sale price of an estimated $180 million, the cost comes to about $250,000 per site.

In contrast to Pacific Skies where Carlyle plans on acquiring high-end manufactured homes and renting them out, the multi-national company intends to maintain Plaza Del Rey as owner-occupied MH and rent the home sites.

Carlyle entered the MHC ownership market when it acquired two Florida MHCs in 2013 for $30.8 million. ##

(Photo credit: yahoolocal–Plaza Del Rey MHC)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Assurant Closing Ohio Office

October 14th, 2015 Comments off

assurant_speailty_property__MH_insurerMHProNews has learned from bizjournals that Assurant Specialty Property, which sells manufactured housing insurance, has decided to close its Dayton, Ohio office it opened two years ago. The expansion occurred after client growth filled the Springfield offices. The move will affect 150 employees, some of whom will be able to work from home.

Lower workloads led the company to eliminate 37 jobs in January, followed by 120 more positions dropped in April, some of whom were from the Dayton office. The company has 5,000 employees nationwide, and is part of giant insurer Assurant, Inc., which has 14,500 employees across the globe. ##

(Image credit: Assurant Specialty Property)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily business News-MHProNews.

High End Modular Apartments Planned for Upstate New York

October 2nd, 2015 Comments off

hudson_square_modular_apartments__prime_cos__credit_near_Albany_nyA large, upscale modular apartment complex may be in the offing just outside Albany, New York, according to what bizjournals tells MHProNews. Planned by Prime Cos., the modules for the 165-unit Hudson Square apartments will be made in Canada instead of in the U. S because of the value of the U. S. dollar versus the Canadian dollar.

The other reason for using modular methods is labor costs for stick-built would be much higher, especially if Prime Cos. seeks a federal loan guarantee for the project from the U. S. Department of Housing and Urban Development (HUD). The prevailing wages required under the federal Davis-Bacon Act would make the build cost prohibitive. ##

(Image credit: Prime Cos.-proposed Hudson Square modular apartments)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Carlyle Expands Manufactured Home Community Portfolio

September 22nd, 2015 Comments off

Calif___Pacific_Skies_Estates_CRP_slashPSE_Seaside_Pacifica_Venture__creditThe $193 billion-in-assets Carlyle Group is collaborating with the owners of Pacific Skies Estates, a 93 site manufactured home community (MHC) overlooking the Pacific Ocean in California to upgrade the utilities, streets and build a 1,000-foot-long boardwalk along the edge of the bluff.

The $42 million deal includes buying luxury manufactured homes for the community, and in addition to the upgrades, Carlyle will own a majority stake in the 60-year old community, according to what bizjournals tells MHProNews. Unlike many MHCs where the owners own the homes and lease the home site, Pacific Skies will own the majority of the homes as well.

The massive private-equity firm headquartered in Washington, D. C. entered the MHC ownership market when it acquired two Florida MHCs in 2013 for $30.8 million, as MHProNews reported Oct. 15, 2013. ##

(Image credit: CRP/PSE Seaside Pacifica Venture--Pacific Skies rendering)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Manufactured Home Builder Oakwood Sells former HQ

August 5th, 2015 Comments off

oakwood_former_hq__photo_credit_triad_commercial_propertiesMHProNews has learned from bizjournals the former Oakwood Homes corporate headquarters in Greensboro, North Carolina has been sold to Stanley Benefits Services for $8.1 million, which will occupy 30,000 square feet of the 130,000 square-foot building. Oakwood, a builder of manufactured and modular homes with locations around North Carolina, vacated the building in 2004, and sold the facility to Stanley. Tax records show the property is assessed for $11.18 million.

Vanderbilt Mortgage and Finance, the manufactured, modular and mobile home lender, currently occupies 30,000 square feet of the building and intends to say, having signed a five-year lease. As MHProNews knows, Vanderbilt is a lending arm of Clayton Homes, a division of Warren Buffett’s Berkshire Hathaway family of companies. ##

(Photo credit: Triad Commercial Properties–Oakwood Homes former HQ)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Existing Home Sales, First-Time Home Buyers both Rise

June 22nd, 2015 Comments off

sold home  mattheafeyThe National Association of Realtors (NAR) reports sales of existing homes rose 5.1 percent in May over April to their highest level since 2009. Existing home sales in May were 9.2 percent over May 2014, according to bizjournals, and year-over-year sales have risen for the past eight months.

In addition, the median price of sold homes rose 7.9 percent over a year ago. In a likely indication of investors reducing their presence in the market, as MHProNews understands, cash sales of homes fell from 32 percent in May 2014 to 24 percent in May 2015.

Another positive indicator: First time home buyers accounted for 32 percent of closed sale in May. NAR Chief Economist Lawrence Yun says, The return of first-time buyers in May is an encouraging sign and is the result of multiple factors, including strong job gains among young adults, less expensive mortgage insurance and lenders offering low downpayment programs.” While he says more first-time homebuyers are expected to enter the market in coming months, it depends on the rise in interest rates and the price of homes. ##

(Photo credit: mattheafey)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.