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Posts Tagged ‘Green Courte Partners’

Green Courte Partners Announce Promotions

March 3rd, 2015 Comments off

green-courte-partnersGreen Courte Partners, LLC, Lake Forest, Illinois, a private equity real estate investment firm focused on building industry-leading companies within niche real estate sectors, on March 2 announced the appointments of several new officers to serve in the company.  Two of the officers have previously served in the management of Green Courte’s land-lease communities.

The new officers are: David B. Lentz, Chief Operating Officer and Steven S. Gearhart, Chief Technology Officer. In addition, Lentz and Stephen F. Douglass, Managing Director, Asset Management, have been appointed to Green Courte’s Management Committee. The firm also announced the promotions of James J. Jago to Vice President and Jon S. Pollan to Senior Associate.

David B. Lentz joined Green Courte in June 2003 as a Vice President and was promoted to Managing Director in January 2008. During his time at Green Courte, Lentz has served in various roles focused on the firm’s land-lease community investment strategy including serving as President and Chief Executive Officer of its operating platform, American Land Lease, Inc., from July 2009 until its acquisition by Sun Communities, Inc. and its affiliates on January 6, 2015. As Chief Operating Officer of Green Courte, Lentz will oversee all of Green Courte’s operating businesses and investments.

Prior to joining Green Courte, Lentz was Director of Development with Mosbacher Power Group, LLC, a global developer, owner and operator of electric power projects based in Houston, Texas. He holds a Bachelor of Business Administration in Finance from The University of Texas at Austin and a Master of Science in Real Estate and Urban Land Economics from the University of Wisconsin-Madison.

Steven S. Gearhart joins Green Courte as Managing Director and Chief Technology Officer and will continue to serve in his current role as Senior Vice President and Chief Information Officer of Green Courte’s near-airport parking platform, The Parking Spot. As Chief Technology Officer, he will oversee the firm’s technology initiatives, data analytics and network infrastructure.

Prior to joining The Parking Spot, Gearhart was a Vice President of the Pritzker Realty Group and an Assistant Professor of Electrical Engineering at the University of Wisconsin-Madison. At the Pritzker Realty Group, Gearhart was involved in asset management and transactions related to multifamily housing, senior housing, land development, CBD office, and near-airport parking. He holds a Doctor of Philosophy in Electrical Engineering from the University of Michigan and a Master of Business Administration from the Kellogg School of Management at Northwestern University.

James J. Jago joined Green Courte in September 2013 as a Senior Associate. During his time with Green Courte, he has served in various capacities within the capital markets and acquisitions groups, including substantial involvement in the monetization of Green Courte’s investment in American Land Lease. Most recently, Jago has been focused extensively on evaluating new niche strategies for potential Green Courte investment and supporting the firm’s fundraising initiatives.

Jon S. Pollan joined Green Courte in June 2013 as an Associate. During his time with Green Courte, he has been involved in various aspects of acquisitions, asset management and market research.  Most recently, he has been focused on asset management initiatives for the firm’s parking strategy including its near-airport parking platform, The Parking Spot. ##

(Graphic Credit: Green Courte Partners)

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Article submitted by Sandra Lane to – Daily Business News – MHProNews.

 

 

Sun Communities (SUI) Buying Orlando Manufactured Housing Portfolio in $258M Deal

December 5th, 2014 Comments off

 

sun-communities=credit-posted-daily-business-news-mhpronews-com-The Street Insider  tells MHProNews that Sun Communities, Inc. announced it’s entering an agreement to acquire 7 manufactured home communities (MHCs) including associated manufactured homes and other intangible assets.

The MHCs are located in the Orlando, Florida area. The 7 MHCs are some 3,150 manufactured home sites. Approximately 60% are age-restricted, 55+ ‘senior’ properties. The report says the portfolio is about 96% occupied.

Another 380 expansion sites are also available.

This transaction further strengthens our Florida portfolio of high quality communities, particularly in age-restricted communities,” said Gary A. Shiffman, the Company’s Chairman and CEO. “We believe this acquisition, together with our previously-announced acquisition of a portfolio of communities owned by Green Courte Partners, will allow us to continue our steady growth and fundamentally transform our business.”

Total acquisition costs are about $257.6 million. This includes assuming approximately $157.5 million of debt on the assets. More details on Sun’s prior 1.32 billion dollar deal with Green Courte Partners is linked in the quote above.

Total consideration for the acquisition is approximately $257.6 million, including the assumption of approximately $157.5 million of debt. The balance of the consideration will be paid in a combination of up to approximately

Sun (NYSE: SUI) is a Real Estate Investment Trust (REIT). Sun currently owns and operates a portfolio of 215 communities comprising approximately 78,400 developed sites. They are a stock tracked by the Daily Business News MH focused market report. For Thursday’s market and MH results, click here. ##

(Photo credit: Sun Communities. )

 

Negative views about Manufactured Housing in the media – do we just expect and accept it?

December 4th, 2014 Comments off

manufacturedhome-credit=manufacturedhomelivingnews-com-posted-mhpronews-In a recent Question and Answer column in Maine’s Tri-Town Weekly,  a commentary by news writer John McDonald was published under the headline, DOWN THE ROAD A PIECE: On the move.  McDonald’s column was in reply to an email received from “Frank,” who wrote: “We moved here from a southern state where lots of people live in mobile homes or trailers. When grouped together, as they often are, the resulting community is called a ‘trailer park.’ You’ve probably read stories about southern trailers – the things that get banged around a bit every time there’s a hurricane or a tornado.”

McDonald’s article says as part of his reply to Frank, The idea of living in a real mobile home or trailer has never enjoyed wide acceptance among the majority, who prefer to live in what might be called immobile homes.

McDonald elaborated,Makers of “trailers” never liked the name, so they began insisting that their creations be called “mobile homes.” No matter what they were called, everyone knew they were still trailers. Then in 1980 Congress officially changed the name to “manufactured home.”  But, like I said, they’ll always be trailers to the rest of us.”

What the question and reply in Tri-Town Weekly demonstrates are some common attitudes found in the media and the public at large, well known to many in MH.

First, John McDonald is clearly a good writer and knows how to turn a phrase and be funny. But he’s not accurate in much of what he asserts as true. For example, MH industry veterans know that there have been no ‘mobile homes’ built in the U.S. since June 15, 1976. The 1980 date McDonald gives in his article is flat wrong.

‘Trailers’ are pulled behind cars or pickup trucks. In residential terms today a travel trailer is a common kind of RV. They are smaller and far lighter than an MH. By contrast, it takes special equipment to move even most pre-HUD Code mobile homes. Since houses built on site use trailers to haul their parts to location, does that make on site building a ‘trailer house’ too? Both MH and site built are ‘immoble’ once installed.

Modern manufactured homes can weigh 25,000 or more pounds per section. They use the same lumber, shingles, vinyl siding, appliances, etc. that conventional housing does. Because they travel down the road to their location, as Modular Lifesyles Vice President Steve Lefler has said, they are tougher. It is like going through an EF 1 tornado and an earthquake at the same time.

Properly installed, as the video linked below proves, modern MHs are stronger than conventional housing, not weaker.

Marty Lavin, community owner and industry expert, has told the industry not to be confused. The MH industry already has an image campaign underway; and it is the media’s campaign. This article is a reminder that media accounts are often not favorable.

Clearly McDonald and Frank are misinformed on almost every level. As they try to educate each other, neither one of them has the updated information about the Manufactured Housing Industry. Neither knows that some 22 million Americans live in communities and homes throughout the nation.

But McDonald and Frank are not alone.

Until the industry learns to pull together in a campaign like what Murex Properties’ Steve Adler advocates in a new interview – or what Chairman Randy Rowe of Green Courte Partners has called for in his 5 point plan – expect that every professional or organization should stand up and correct the media when they err.

The photo from Manufactured Home Living News at top comes from the #1 resource of its kind that has videos, news stories and photo galleries that dispel myths. These stories and videos are on subjects ranging from MH in hurricanes and tornadoes – or that manufactured homes are ‘only for the poor‘ – when in fact millionaires own them too.

Stereotypes and outdated perceptions keep manufactured homes from being accepted as mainstream housing. When will more people grasp what Mary McBrady of the Massachusetts Manufactured Housing Association has advocated, that industry professionals pull together to support the platforms that advance the true narrative of the industry? ##

Photo Credit: (MHLivingNews)

joseine-josie-thompson-writer-daily-business-news-mhpronews-com50x50-Article Submitted by Josie Thompson to- Daily Business News- MHProNews

Sun Communities closes on Public Offering

September 24th, 2014 Comments off

sun homes coming soon signFollowing a story MHProNews posted Sept. 17 regarding Sun Communities, Inc.’s (SUI) announcement of a public offering to raise shares to help fund its recent $1.32 billion acquisition of 59 manufactured housing communities (MHCs) from Green Courte Partners, LLC, the offering is now closed. The 6,900,000 shares of commons stock, including 900,000 for the underwriter, brought in $50.60 per share, which will result in a net of $348.6 million. $311 million will be used to fund the cash portion of the acquisition, and the remainder will pay back loans, according to nasdaq.com. Sun Communities is a real estate investment trust (REIT) that owns and operates 184 manufactured housing and recreational vehicle communities comprising 69,580 home sites. ##

(Image credit: Sun Communities, Inc.)

Three of Sun’s new MHCs are in Michigan

August 18th, 2014 Comments off

sun communities as of 12-22-2012 owns palm creek golf and rv esort communityFollowing up on a story MHProNews published July 31, 2014 regarding the acquisition by Sun Communities, Inc. of 59 manufactured home communities (MHC) comprising more than 19,000 homesites in eleven states from Green Courte Partners, LLC for $1.32 billion, we have learned from crainsdetroit.com that three of the properties are in Michigan. Frenchtown Villa and Elizabeth Woods are in Newport, while Egelcraft is in Muskegon. Sun is headquartered in Southfield, Michigan. As part of the deal, Green Courte will invest $13 million in Sun’s equity and maintain ownership of 11 percent of Sun. ##

(Photo credit: Sun Communities, Inc.–Palm Creek Resort)

Sun to Acquire MHC Portfolio of Green Courte

July 31st, 2014 Comments off

sun communnities communityMHProNews  has been informed that Sun Communities, Inc. (NYSE:SUI) has agreed to acquire a portfolio (the “ALL portfolio”) of 59 manufactured home communities from Green Courte Partners, LLC (GCP) comprising over 19,000 homesites for approximately $1.32 billion, including the assumption of $560 million debt. Nearly 14,000 of the sites, 73 percent, are age-restricted, and just under 11 percent are in Florida. Sun will pay $311 million in cash and issue a combination of stock and Operating Limited Partnership units with a value of $437 million to GCP investors. In addition, GCP will invest $13 million in Sun’s equity and will own approximately 11 percent of the company. Randall K. Rowe, Chairman and Founder of GCP, and James Goldman, Vice-Chairman and Chief Investment Officer at GCP will become board members.

Gary Shiffman, Chairman and CEO of Sun, headquartered in Southfield, Michigan, noting the added scale and diversity derived from this acquisition which will strengthen its position in Florida, says, “We believe this transformative transaction positions us as a best-in-class player in the industry and enables us to drive shareholder value going forward.” He adds: “Looking forward to the first year under the Company’s ownership and operation post-acquisition, the Company has underwritten the transaction at an estimated 6.0% cap rate based on projected Year 1 NOI and expects the acquisition to be approximately 5.0% – 8.0% accretive to 2015 FFO per share.”

Randall K. Rowe commented: “We believe the combination of our manufactured home business with Sun Communities will create an industry leading growth platform. I am excited to be joining Sun Communities’ Board of Directors and look forward to contributing to the long-term success of this enterprise.” The transaction is expected to close in two stages, beginning near the end of 2014. ##

(Photo credit: Sun Communities, Inc. community)

Green Courte Promotes Two to Vice President

March 20th, 2014 Comments off

Private equity real estate investment firm Green Courte Partners, LLC announces the promotions of Chad V. Gardner and Matthew J. Pyzyk to vice president, according to prnewswire.com. Gardner joined Green Courte as a senior accountant in Nov. 2010, and in his new position as vice president and portfolio controller he will have higher level responsibilities regarding forecasting, financial reporting and fund-level accounting. Green Courte welcomed Pyzyk in June 2012 as a senior associate with a focus on the acquisition of manufactured housing/land lease communities. MHProNews.com has learned he will intensify his acquisition activities, targeting Florida, Desert and Northwest U. S. markets. ##

(Photo credit: Green Courte Partners, LLC)

Words of Wisdom from Chairman Sam (Zell)

November 11th, 2013 Comments off

MHProNews has learned from multihousingnews in an interview at the Urban Land Institute Nov. 7 of Sam Zell, founder of Equity Group Investments and Equity International, by one-time Zell executive and now Green Courte Partners LLC Chairman Randy Rowe, Zell had some pithy insights. He said it’s ok to make a deal that you lose sleep over but not one where you can neither eat nor sleep. Not knowing when the next opportunity will strike, Zell said he reads constantly so he may better recognize an opportunity when it comes along. Noting “the risk/reward ratio is the determinant of success,” and “I never knew what I couldn’t do,” Zell said some people are intelligent but cannot accept the possibility of their being a downside so they resist risk. He said, “Anyone can put their name on a building. My focus has been on trying to make a difference.” Zell is chairman of Equity LifeStyle Properties, which owns 380 manufactured home and recreational vehicle communities in North America.

(Photo credit: einnews.com–Randy Rowe interviewing Sam Zell at Urban Land Institute meeting)

Green Courte buys another ‘Senior’ Manufactured Home Community

August 23rd, 2013 Comments off

green-court-partners-posted-on-mhpronews-comGreen Courte Partners, LLC announced the acquisition of Lamplighter Manufactured Home Community, an age-restricted land-lease community, containing 260 home sites, located in Port Orange, Florida. Green Courte engaged American Land Lease, Inc., a wholly-owned subsidiary of its second fund, Green Courte Real Estate Partners II, LLC, to manage the community. American Land Lease manages Green Courte’s land-lease/manufactured housing community portfolio. That portfolio now includes over 19,300 developed home sites located across 54 communities in eleven states. American Land Lease will operate the community under their “55+” lifestyle brand, Solstice Communities. As MHProNews readers know, Green Courte Partners, LLC is a private equity real estate investment firm focused on niche real estate sectors, which includes manufactured housing, parking garages and more commercial real estate interests. American Land Lease CEO, David Lentz, is also the Chairman of the National Communities Council (NCC) division of the Manufactured Housing Institute (MHI). ##

(Image Credit, Green Courte Partners Logo)

Green Courte Appoints Scully Vice President

August 5th, 2013 Comments off

Private equity real estate firm Green Courte Partners, LLC announces the appointment of Cheri M. Scully to vice president. Scully has worked with Green Courte, based in Lake Forest, Illinois, on contract prior to joining the firm in January 2011 as an associate, MHProNews has learned from sources at the company. She will continue overseeing asset management at Steamboat Springs, Colorado. Green Courte’s holdings include 53 manufactured housing communities in eleven states comprised of 19,000 developed home sites.

(Photo credit: Green Courte Partners, LLC)