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Posts Tagged ‘homesite’

Is Demand for Land Lease Communities Heating Up?

October 15th, 2013 Comments off

Private equity firm Carlyle Group LP has entered the manufactured housing community (MHC) business in acquiring two communities in Florida from Shamrock Holdings LLC of Arizona for $30.8 million. While this is the company’s first foray into the MH industry, analysts say investors are betting this aspect of the housing market will expand as an affordable dwelling for seniors, especially as alternatives become too expensive. Village of Ponce de Leon in Melbourne Beach and Sun Valley Estates in Tarpon Springs, both cater to those 55 and older. As wsj.com reports, communities geared toward retirees were 92 percent full in October, according to research firm JLT & Associates. Occupancy is 89 percent at Sun Valley and 82 percent at Ponce de Leon, MHProNews has learned. As demand rises, prices per homesites rise: Hometown America recently paid $121,000 per site for a community in Arizona, the highest ever paid in the state, according to Evan C. Barry of Marcus & Millichap. UMH Properties’ CEO Sam Landy says he expects to pay $40,000 per homesite this year, an increase from $26,000 just two years ago.

(Photo credit: thinkstock–manufactured housing community)

Wisconsin Land Lease Community Converts to Co-operative

July 18th, 2013 Comments off

With $1 million in financing from ROC (resident-owned communities) USA Capital, Prairie Lake Estates land lease community became Prairie Lake Estates Homeowners Cooperative, as the residents of this 70 homesite community became a Wisconsin limited-equity housing co-op corporation. The Northcountry Cooperative Foundation (NCF) provided leadership and technical support to the residents, marking the seventh conversion for the non-profit in Wis. and Minn., placing 530 homesites under resident control. Nearly all the households in Kenosha’s Prairie Lake Estates became members of the co-op. NCF will continue providing support and guidance to Prairie Lake, as MHProNews has learned from Warren Kramer, Exec. Dir. of the non-profit. ROC USA, also a non-profit but on a national scale, specializes in conversions to community ownership, and has assisted in converting 49 communities in 14 states, representing $116 million in financing.

(Photo credit: ROC USA)

Manufactured Home Community Converts to Co-op

June 7th, 2013 Comments off

In an exclusive to MHProNews, Steve Varnum of the Community Loan Fund says Silver Fox Estates in Pembroke, New Hampshire became the state’s 105th resident-owned manufactured home community as of May 30, 2013. With funding and assistance from the New Hampshire Community Loan Fund, the Silver Fox Homeowners Cooperative, Inc., organized in Nov. 2010, negotiated with owner Linda McClintock to purchase the 21-homesite community for $675,000. The fund helped convert the first community in 1984. Says Juliana Eades, the loan fund’s president: “Residents who purchase and run their communities are protected against excessive rent hikes and park closures, and often feel greater pride and investment in their homes and surroundings.”

(Photo credit: ROC USA)

Lawsuit Contends State Lost Authority to Collect Fees

May 28th, 2013 Comments off

The Delaware Manufactured Home Relocation Authority (DMHRA) would be the agency to enforce legislation now pending in the state house, SB 33, that would require MHC owners to seek approval for rent increases beyond a certain limit. It is now the target of a class action suit brought by three landlords and two tenants on behalf of all MHC owners and residents in DE, contending the DMHRA’s authority to collect a $3 monthly fee for each homesite expired in 2006. According to capegazette.villagesoup., the suit alleges the authority has continued to collect fees, now holds $5.5 million, and has not paid a claim since 2009. Chairman of DMHRA Mitch Crane says the fee has been approved on an annual basis since 2004 and there is no merit to the lawsuit. He says if that $5 million is returned, residents of a community undergoing usage change would not have assistance. Crane adds the lawsuit is to prevent SB 33 from being enacted, although he is neither for nor against the bill. MHProNews has learned the measure is set to be on the Senate floor after it reconvenes June 4.

Ron MacArthur/villagesoup.capegazette—Rehoboth Shores near Long Neck DE

UMH Acquires Tennessee Manufactured Housing Community

April 3rd, 2013 Comments off

Stockhouse reports UMH Properties, Inc. (NYSE:UMH) has acquired the 274 homesite Holiday Mobile Village in Nashville, Tenn. for $7,250,000. Situated on approximately 68 acres with an occupancy rate of 82 percent, MHProNews has learned this purchase bumps UMH into owning 68 communities with 12,800 developed homesites. Samuel A. Landy, President, stated, “We are pleased to announce the acquisition of this community. The Company remains very well positioned to continue to execute its growth strategy and we anticipate additional acquisitions in 2013.” UMH also owns a portfolio of REIT (real estate investment trust) securities. UMH closed up +0.96% at 10.57 in Tuesday’s (April 2) trading.

(Image credit: UMH Properties, Inc.)

Hometown America to Buy California Land Lease Community

April 1st, 2013 Comments off

According to coastlinepilot, Chicago-based Hometown America Communities is preparing to purchase 158-homesite Laguna Terrace Park MHC of Laguna Beach, Calif., just south of Los Angeles. MHProNews has learned the property is owned by Amy Esslinger, widow of the late Steve Esslinger, who had tried to convert the property to resident ownership in 2011 but lost in a court battle to the California Coastal Commission in July of that year. Last year residents of the community tried to purchase the property but were denied. Hometown America owns 45 properties in eleven states, seven of which are in Calif. The transaction, terms of which were not disclosed, is expected to close this spring.

(Photo credit: coastlinepilot)

Garden Homes Denied Again

October 26th, 2012 Comments off

Since Garden Homes Management Corp. began its attempt to construct a 124 homesite MHC in Oxford, Conn. in 2006, it has endured numerous hearings, commission meetings, studies, court battles and appeals, always being told, like that old gospel tune, there is “One More River to Cross.” As MHProNews has posted several times, a major holdup has been the potential encroachment on a wetlands area that is part of the property. Garden Homes had said in its recent revised plan that constructing its MHC would not affect the protected area or come under the agency’s jurisdiction, according to the Republican American. The three members of the agency voted 3-0 that the revised plan will affect the wetlands and therefore comes under the agency’s jurisdiction. Attempts to determine Garden Homes’ next step were unsuccessful.

(Photo credit: Garden Homes Management Corp.)

Funds Reinstated, Build will Continue

October 16th, 2012 Comments off

We covered a story Oct. 4, 2012 concerning the federal court-ordered closing of Duroville MHC in Mecca, Calif. due to poor housing conditions, and the fate of those living there. MyDesert reports 41 of the manufactured homes of the 180 homesite Mountain View Estates in nearby Oasis, Calif. had been delivered, funded with state redevelopment funds to relocate the residents. A recent law that eviscerated the redevelopment districts cut the funding, ending the build in March. The state just approved $10 million to complete the project. The 41 units will be move-in ready by the end of Nov., 2012, and work will begin on the 139 remaining the beginning of this Nov. The 190 factory-made homes still at Duroville, also known as Desert Mobile Home Park, house 1,200 to 1,500 mostly Native American and Latino farm workers. As MHProNews learned, a storm which deluged the community with almost six inches of rain Sept. 11, 2012 destroyed and/or damaged most of the homes, many of which were not in good shape to begin with, leading to the ordered closure.

(Photo credit: top–Denise Goolsby/TheDesertSun–Duroville

bottom–Omar Ornelas/TheDesertSun–Mountain View Estates)

Green Courte Acquires Fla MHC

June 4th, 2012 Comments off

MarketWatch reports Chicago-based Green Courte Partners, LLC announces the acquisition from CRF Communities of Plantation Landings, an MHC in Haines city Florida. The four-star 394 home site age-restricted community is fully leased, MHProNews.com has learned. In 2009, Green Courte’s second fund, Green Courte Real Estate Partners ll, LLC, purchased Royal Palm Village from American Land Lease, Inc., which is just north of Plantation Landings. As it is the principal manager of Green Courte’s manufactured housing portfolio comprised of over 18,500 home sites, American Land Lease will operate Plantation Landings as part of its age-restricted lifestyle brand, Solstice Communities. Green Courte’s chairman Randy Rowe, noting his desire to work with CRF in the future, says, “We are pleased to add this high-quality property to our existing portfolio of ’55+’ retirement communities in central Florida.” Terms of the transaction were not disclosed.

(Image credit: Green Courte Partners)