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U. S. Land Lease Communities attracting Foreign Investors

October 21st, 2013 Comments off

Following up on a story MHProNews posted Oct. 15 concerning The Carlyle Group’s acquisition of two Florida manufactured housing communities (MHCs), arabianbusiness.com reports Abu Dhabi’s Mubadala Development Group owns 7.5 percent of Carlyle. Based in Washington, this is Carlyle’s first foray into MHCs, and is paying $30.5 million for the over-55 MHCs as the need for low cost housing is growing. Says Frank Rolfe, of MHP Funds, which owns 82 communities in the US: “Our customers have no alternative shot at homeownership, nor do they [normally] even have the credit scores and quality to seek anything better. They never leave the park they are in, and the revenues are unbelievably stable as a result.” The communities have occupancy rates of 82 percent and 89 percent.

(Image credit: arabianbusiness.com)