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Posts Tagged ‘marcus & millichap’

Two Age-Restricted Manufactured Home Communities sold to Kingsley

August 22nd, 2015 Comments off

m_and_m_sale_of_tarpon_springs__mhc__july_22_2015Kingsley Management Corp. of Provo, Utah has acquired two Manatee County, Florida 55+ manufactured home communities (MHC) for $27.8 million. The 244-home site Palm Bay was sold for $13.1 million, while the adjacent 235 home site Colonial Mobile Manor went for $14.7 million. Both communities, according to businessobserverfl, are in Palmetto, FL, and were controlled by William Tanenbaum.

Palm Bay and Colonial both have clubhouses from the 1970s, and Palm Bay contains over 100 recreational vehicle sites as well as a swimming pool and shuffleboard courts.

Kingsley was represented by Marcus & Millichap’s Kyle Baskin and Jonathon McClellan from their Cleveland office. Kirk Felici is M&M’s broker of record in Miami. Baskin commented, “Given the current market conditions, and the demand for larger, age-restricted communities throughout the nation, we feel that both buyer and seller capitalized on this unique opportunity.”

As MHProNews noted in a story Aug. 14, 2015, Kingsley was represented by M&M in its purchase of Southwind Mobile Home Park in Palm Harbor for $18.2 million, another age-restricted MHC. ##

(Photo credit: Marcus & Millichap-Tarpon Springs , FL manufactured home community)

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

Kingsley Management Corp. Acquires Florida Manufactured Home Community

August 14th, 2015 Comments off

Florida__southwind_mobile_home_park___palm_harbor___mhvillage_creditMHProNews has learned from businessobserverfl that Southwind Mobile Home Park in Palm Harbor, Florida has been sold by Belle Vista Properties LLC for $18.2 million to Kingsley Management Corp. of Provo, Utah. The 213 home site, age-restricted manufactured home community (MHC), which previously sold for $7 million in 1999, is set on 28 acres and contains only multi-section homes with paved driveways and carports.

Amenities include a commercial kitchen inside a large community building with library, billiards, cards and exercise rooms. Outdoor is a heated swimming pool, a lake with fountains, shuffleboard, horseshoes and a community greenspace.

With a price equating to $85,446 per site, Dan Mulkey of Marcus & Millichap’s Tampa office, who handled the transaction, says it is one of the most expensive MHCs he has seen outside of Broward Bounty, which is just north of Miami. Southwind was 100 percent occupied at the time of the sale. ##

(Photo credit: MHVillage–Southwind Mobile Home Park, Palm Harbor, Fla.)

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

Sunday Morning Recap-Manufactured Housing Industry News July 19-July 26, 2015

July 26th, 2015 Comments off

mhpronews_sunday_morningWhat’s New in public focused Manufactured HomeLivingNews.com

A Hunter and Native American Decorator’s Dream! John Howard’s Home, Inside MH Road Show Video

How A Manufactured Modular Home Production Center Achieves Savings and Quality – Inside MH Video with Mike Stone

4 Easy Ways to Keep Your Home Clean

What’s New in Manufactured Housing Industry Professional News

As the Dodd-Frank Act hits the five year mark, stories abound how its offspring, the Consumer Financial Protection Bureau, continues to confound the manufactured home industry as well as the banking and mortgage industries, and the accompanying importance of MH fiancing reform. Meanwhile, MHLivingNews and MHProNews publisher L. A. “Tony” Kovach lands on The Hill in D. C., and as a family man on 83degreesmedia. In other news, industry pressure changes minds in a Texas city, several MHCs change hands, MH lands in Native American hands, MH Firms Plan Q2 Financials Release, much, much more.

Saturday, July 25

Temporary Modular Housing being Restricted in Bakken Oilfield

Friday, July 24

The Avoidance of the Rule of Law by Dodd-Frank

Dow Falls -163 Points, Most Tracked Manufactured Housing Stocks also Drop

Modular Workforce Housing Planned for Southwest Louisiana

Help Ensure Passage of The Preserving Access to Manufactured Housing Act

UMH Properties Set to Release Q2 Financials Aug. 7

Capital One Arranges $14 Million Fannie Mae Loan

Thursday, July 23

Drew Industries to Release Second Quarter Financials

Deer Valley Corp. Jumped +10.25 percent while Most All Tracked Stocks Fell

Home Sales Rise to Best Rate in Eight Years

Capital One Arranges Purchase of CA Manufactured Home Community

Orders for Keiser’s Modular Homes will be Built at a Sister Plant

Gendell Unloads More Patrick Stock for $1.48 Million

Wednesday, July 22

Manufactured Home Community in Florida Sells for $6.4 Million

PSP Seeks Manufactured Home Communities to Provide Affordable Housing

MHCV Edges Up, NASDAQ Slips, Existing Home Sales Rose 3.2 % in June

Elko Band Native Americans Break Ground for New Manufactured Homes

Texas City Reverses Decision, Votes to Allow Manufactured Housing

War of Words? DC’s The Hill Congressional Blog on Manufactured Housing Finance Reform

Tuesday, July 21

Deer Valley Falls -11.11%, as Most Tracked Manufactured Housing Stocks Slip

Equity LifeStyle Properties Beats Analysts Expectations in Q2

Factory-Built Homes—the New Cool

Tired of renting? Get the scoop on manufactured homes

Lawsuit Challenges Removal of Manufactured Home Carports

Monday, July 20

Keiser Homes Fire did not Damage Main Structure, Electrical or New Homes

Deer Valley Gains 10.25%; Dodd-Frank Turns Five Tomorrow

Housing Starts, Permits Hit Eight-year High

Marcus & Millichap Arrange Sale of Florida Manufactured Home Community

Mark Engel to Join Green Courte Partners as CFO

Honda Agrees to Cease Discriminatory Automobile Lending

Sunday Morning Recap-Manufactured Housing Industry News-July 12-July 19, 2015 ##

(Photo credit: MHProNews.

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

Manufactured Home Community in Florida Sells for $6.4 Million

July 22nd, 2015 Comments off

m_and_m_sale_of_tarpon_springs__mhc__july_22_2015Marcus & Millichap (M&M) has informed MHProNews of the sale of a 135+ home site manufactured home community (MHC) near Tarpon Springs, Florida for $6,400,000. The age-restricted community is situated on 15.37 acres, according to Richard D. Matricaria, regional manager of the firm’s Tampa office, and includes a 2,500 acre freshwater lake.

Dan Mulkey, also of M&M’s Tampa office, represented the seller, a local private owner of multiple MHCs and recreational vehicle (RV) communities in the area. Shamrock Tarponaire LLC, a known Arizona-based investor in MHCs is the buyer.

The community has single section and multi-section manufactured homes and features a clubhouse, shuffleboard courts and boat docks. The MHC is also close to the Greek community of Tarpon Springs, which is well known for its ethnic restaurants, bakeries and markets.

Mulkey says, “This site, having generous lake frontage, provides the buyer an opportunity to upgrade many of the homes on site, as well as back-fill vacant sites adding worth to the asset, and by doing so the value of this community will be greatly enhanced.” The name of the MHC was not immediately available. ##

(Photo credit: Marcus & Millichap–manufactured home community in Tarpon Springs, Fla.)

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

Marcus & Millichap Arrange Sale of Florida Manufactured Home Community

July 20th, 2015 Comments off

marcus millichap country villa mobile home park mhc in lakeland flaCommercial real estate investment services firm Marcus & Millichap (NYSE:MMI) has informed MHProNews that Daniel Hurd and Dan Mulkey of their Tampa office arranged the sale of Country Villa Mobile Home Park in Lakeland, Florida. The 45-home site senior manufactured home community (MHC), a mix of single and multi-section homes, consists of eight rented sites, 29 community-owned homes and eight vacant sites.

The community, which sold for $904,000, has been family-owned and operated since it was built in 1970 on 4.1 acres, and was acquired by a private investor.

Both the buyer and seller are local Lakeland residents and have a background in (MHCs). The buyer sees an opportunity to capture upside in this investment by filling the vacant lots and rental homes,” said Hurd.

Marcus & Millichap is a significant player in the marketing of MHCs and has a current listing value of $45.9 million. ##

(Photo credit: Marcus & Millichap–Country Villa Mobile Home Park)

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

Demand, Sales Rise for Manufactured Home Communities

March 25th, 2015 Comments off

mfg home horizon land co creditKW Communications has informed MHProNews that Federal Capital Partners and Horizon Land Co. LLC have purchased eleven manufactured home communities (MHCs), primarily in western New York, for $88 million. This 2,413 home site transaction brings to 32 MHCs the two companies own with a total of 5,600 home sites.

The largest community in this deal is Gypsum Mills, a five-star community near Rochester, NY comprised of 560 home sites, with M&T Bank providing the financing. Ryan Hotchkiss of Horizon said, This acquisition substantially increases our joint portfolio, takes our partnership into an expanded geography, and provides an important building block for continued growth.

A study from Marcus & Millichap reports resident demand for affordable housing in the northeast has pushed vacancy down 30 basis points to 8.7 percent over the last year, while rents in the region have increased 3.4 percent to $451 monthly. This marked the third consecutive year of gains. Nationwide the report says high demand for MHCs has elevated prices and compressed cap rates in most markets. ##

(Photo credit: Horizon Land Co. LLC–manufactured home)

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

Michigan MH Community Sells for $15 Million

March 3rd, 2015 Comments off

michigan-mh-park-sellsReal Estate Journals tell MHProNews that Marcus & Millichap closed the sale of a 400-site all-age manufactured home community in Eastern Michigan. The $15.2 million sales price comes out to $37,865 per space.

Jonathon McClellan, vice president of investments, and Kyle Baskin, associate vice president of investments, both in Marcus & Millichap’s Cleveland office, represented the seller, a private investment group based in Arizona.

The buyer is Kingsley Management Corporation, Provo, Utah. This company has been in business since 1973 and presently owns more than 40 MH communities in 11 states.

The 88.2-acre community features concrete streets, mature trees and a creek. All homes have lap siding and shingled roofs. ##

(Photo Credit: Real Estate Journal Communications Group)

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

 

Arizona Manufactured Home Community Sells for $23.85M

February 27th, 2015 Comments off

chapparal-mobile-village-tempe-arizonaChaparral Mobile Village, a fully improved, 359-site, all-age manufactured home community in Tempe, Arizona, recently sold for $23,850,000, which equates to $66,435 per space at a 6.25 percent cap with a 43.75 percent expense load or $3,232 in expenses per site.

Arizona Commercial Real Estate Magazine tells MHProNews that the sale was handled through Marcus & Millichap, a leading commercial real estate investment services firm.  Douglas Danny, first vice president investments in Marcus & Millichap’s San Diego office, along with Octavian Paul, associate in the firm’s Phoenix office, represented the seller, Kort & Scott Financial Group. The buyer is a family trust.

“The property provides the new owner with location, demand, incubation upside and immediate cash flow in a scarce marketplace,” Danny explained. “The offering generated multiple offers and was sold to one of the premier manufactured home community buyers in the marketplace.”

Chaparral Mobile Village features a clubhouse, a children’s game room, a laundry, two swimming pools, a spa, a children’s playground and sports facilities. Built as 360 sites, one of the spaces is dedicated to open space. All of the spaces are accessed via an interior asphalt paved roadway that has rolled cement and some cement sidewalks around the common area amenities. Electric service is provided to each individual space by individual meters that are master-metered by the utility companies and charged to the park. The park has all city services.

Chaparral Mobile Village was built in 1971 on 45.1 acres and has a density of 7.69 sites per acre. The current site breakdown is 211 single-unit spaces and 148 double-unit spaces, of which 54 are small and 95 are large. There are four one-story buildings and the building area contains 5,316 square feet of clubhouse/office space, a 1,227-square-foot children’s playroom, a 1,042-square-foot laundry facility and a 1,042-square-foot maintenance shop. The total square footage for these buildings is 8,627 square feet. ##

(Photo Credit: Arizona Commercial Real Estate Magazine)

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

Will the Decline in Rig Counts Affect Manufactured Housing?

February 20th, 2015 Comments off

rig-count-decline-The increase in the number of oil and gas drilling rigs in various areas of the country provided a boost to the manufactured housing industry and others.  With the decline now in oil prices and the accompanying decline in the number of drilling rigs, those who work in the manufactured housing industry are waiting to see what the effect will be.

Marketwatch  tells MHProNews  that the collapse in crude prices has sidelined hundreds of oil- and gas-drilling rigs in recent months, with two of the most prolific U.S. oil-producing areas being the hardest hit.

West Texas’ Permian Basin and North Dakota’s Williston Basin, which includes the Bakken Shale formation, top the list, losing 198 and 63 rigs, respectively, from late November to last week, according to data from Baker Hughes, Inc. That’s nearly half of the total number of rigs lost in the same period.

Industry officials are saying that rigs are being mothballed as energy companies struggle to contain costs amid a slide in oil prices of more than 50% in just over six months. While prices have recovered slightly since then, the world continues to grapple with a glut of oil.

The speed of the drop in active rigs, however, has surprised Wall Street and shone a spotlight on the “rig count,” a relatively unknown data point released every Friday by Baker-Hughes, an oil-field services company. The company has released the data since 1944 (a monthly international rig count started in 1975).

According to Baker-Hughes, some 1,300 rigs are active through February 13 in the U.S. and Canada, down 30% from about 1,860 rigs in November 2014, which was the most since the 1980s.

“It happened faster than we thought,” said Byron Pope, an analyst with Tudor Pickering Holt in Houston. His company had predicted slightly less than 1,100 rigs by the end of 2015.

The International Business Times  tells MHProNews  thatThere’s a heightened sense of concern among the makers of steel tubes, sheet metal, generator parts and other products that oil and gas companies use to produce fossil fuels, said Dan Davis, who runs a magazine in Illinois for the Fabricators & Manufacturers Association, a trade group. “Everybody is in a waiting game to see whether prices are going to bounce back.”

So far the largest U.S. industrial victim of crashing oil prices is the United States Steel Corporation. The Pittsburgh company said last week it will lay off more than 750 workers at its plants in Lorain, Ohio, and Houston, Texas, citing tepid demand for its steel pipes and tubes used in oil and gas exploration and drilling. “The company has suddenly lost a great deal of business because of the recent downturn in the oil industry,” Tom McDermott, president of United Steelworkers local 1104 in Lorain said.

Bankers in shale-rich Texas and North Dakota are feeling similarly wary about the pending decline in U.S. energy production. Banks in recent years have extended loans generously to the energy sector, enabling smaller operators to purchase drilling rigs, equipment and facilities and to pay workers’ wages. However, as prices erode profit margins, and producers scale back, many of these borrowers could fall behind on payments, said Bernard Baumohl, chief global economist at the Economic Outlook Group in Princeton, New Jersey. The smaller regional banks in Texas and North Dakota are suddenly going to find some of their loans are delinquent or not performing, and that can affect the earnings of those banks,” he said.

“It’s been a hot industry, probably a little too hot,” Dick Evans, CEO of Cullen/Frost Bankers Incorporated of Texas, told the New York Times’ DealBook blog. But he added, “It is not time to panic. We have been in the game a long time.  I am comfortable with what we have been doing.”

The shale boom could also sour for realtors and builders in Texas and North Dakota, analysts say. Home prices have soared there in recent years as energy workers and their families set up shop. A recent report by Fitch Ratings estimated that Texas home prices are more than 10 percent overvalued and will likely decline due to falling oil prices. Fundamentals do not appear supportive of current prices, and the economy is vulnerable to the energy sector,” Fitch said in a December report.

Despite the blow to certain industries, however, Economist Baumohl said that the plummeting oil prices are anet positive for the rest of America. While some sectors are going to experience hardship and see some real challenges, most of the U.S. economy will benefit,” he said. “Consumers will benefit because it means more money in their pockets, and for companies it just simply lowers production costs, and therefore increases their profit margins and encourages them to expand.”

It may be that as a result of the decline in oil prices and the accompanying decline in production, the manufactured housing industry will have to focus on other segments of the population and other interest groups. There will always be a demand for quality and value-based housing.

According to Marcus & Millichap’s National Manufactured Home Communities Group,Occupancy in manufactured home communities will get a boost from the increased need for affordable housing this year. Traditional home prices throughout the U.S. have jumped more than 20 percent in the last two years, placing site-built homes beyond the means of many potential homeowners.” 

So, the current situation should not be seen as critical. Ideally, manufactured housing should continue to position itself to benefit from booms such as in the hot shale plays, without being dependant upon them.  The Marcus & Millichap’s National Manufactured Home Communities Group report suggests the industry should be well poised to do just that should the energy boom not recover as rapidly as some hope. ##

(Graphic Credit: Baker Hughes)

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

Report Cites Uptick in Demand for MHCs by Investors and Baby Boomers

September 25th, 2014 Comments off

marcus millichap manuf home  their cfredit       maybe rainbow rock in plant city flaMarcus & Millichap’s Manufactured Housing Research Report says rising home prices, improving job outlook and an expanding baby boomer population are adding to increased occupancy in manufactured home communities (MHCs), a trend the real estate investment services company reports will continue. Concurrently, investors looking for large, top quality communities with city services are running into competition (especially for age-restricted properties) from real estate investment trusts (REITs), insurance companies and equity funds. Smaller MHCs without city services but with upside potential are receiving more attention as owners move into retirement years.

The report states energy boom regions are experiencing an uptick in demand for manufactured homes. Rising demand for MH in all four regions of the country is allowing owners to increase rents, further making MHCs a desirable investment. MHProNews understands an estimated 30 percent of retirees over 65 do not have resources to maintain their current lifestyle and may seek more affordable housing in an MHC. Marcus & Millichap is a large national player in real estate investment services, with one division devoted to manufactured housing. ##

(Photo credit: Marcus & Millichap–manufactured home)