Posts Tagged ‘owner operator’

Green Courte Announces Promotion of Braden Rudolph

June 19th, 2013 Comments off

Private equity real estate investment firm Green Courte Partners, LLC announces the promotion of Braden Rudolph to Vice President, Asset Management. A 2010 MBA graduate of Northwestern University’s J L. Kellogg School of Management, Rudolph has been active in strategic initiatives at American Land Lease, Inc., an owner/operator of 50 manufactured housing communities comprised of 18,500 home sites. A Senior Associate with Green Courte since June 2011, he was also a principal in the company’s acquisition of The Parking Spot, a major player in near-airport parking facilities, as informs MHProNews. Green Courte specializes in parking asset and land lease community investments.

(Image credit: Green Courte Partners, LLC)

Execs Depart Zell’s Equity International

May 24th, 2013 Comments off

The Wall Street Journal informs MHProNews three senior executives at Sam Zell’s Equity International (EI) real estate company resigned this week on the heels of the head of capital markets departure, as well as co-founder of the fund and CEO Gary Garrabrandt, who left last Sept. Chief Operating Officer Ira Chaplik, General Counsel Brian Richter, and Executive Vice President in Charge of Tax Structuring Cheryl Engle are all leaving EI, although Engle and Richter will become outside consultants and Chaplik will be an advisor to the company. The departures allegedly stem from disputes over compensation and the firm’s direction. Zell is chairman and owns the majority of EI, receiving over half of the profits, and is also chairman of Equity LifeStyle Properties (ELS). Tom Heneghan, who replaced Garrabrandt, had been CEO of ELS, the owner/operator of 380 manufactured housing and recreational vehicle communities in the U. S. and Canada.

(Photo credit: Equity LifeStyle Properties, Inc.— ELS country club in Calif.)

MHC Owner Busy Selling Homes

May 20th, 2013 Comments off

Having re-branded 18-year-old SSK Communities as “You Got it Homes,” co-founder Nathan Smith says the company sold no new manufactured homes in 2011, 60 in 2012, and they are already ahead of last year’s sales, due to aggressive TV ads. As the owner/operator of 22 land lease communities with 4,900 homesites in Indiana, Kentucky, and Ohio, Smith says they are one of the first companies in the country to build a vertically-integrated business model—they sell the manufactured homes, arrange or provide financing, insure the home and manage the communities. Cincinnati reports Smith, who is also chairman of the Manufactured Housing Institute (MHI), says people like the streamlined one-stop shopping approach, and the company’s website, has generated over 4,000 sales leads. MHProNew has learned SSK is the largest MHC owner in Kentucky and one of the top 30 in the country.

(Photo credit: Carie Cochran/enquirer–Nathan Smith with one of the homes for sale.)

RHP Acquires Countryside Village in Jacksonville

April 30th, 2013 Comments off

BizJournals reports RHP Properties of Farmington Hills, Mich. has acquired Countryside Village manufactured housing community in Jacksonville, Fla. for $31.3 million from Denver-based ARC Managements Services LLC. The acquisition includes vacant land along Beach Boulevard. According to Duval County records, the property contains 114 structures on 106 acres. Two independent websites indicate there are 643 homes in Countryside, a number that could not be immediately confirmed. MHProNews reported April 16, 2013 that RHP, in conjunction with Northstar Realty Finance Corp., acquired 71 MHCs for $865 million. RHP bills itself as the largest privately-held owner/operator of MHCs with 231 communities comprised of 51,000 homesites.

(Photo credit: Sunny Oaks Community)

Killam Buying West

April 16th, 2013 Comments off

As MHProNews reported Nov. 13, 2012, CEO Philip Fraser of Killam Properties, Inc., calling Ottawa (the Canadian capital) “one of the strongest cities for long-term investment in Ontario,” announced the company purchase of a 25%  share with a Kuwaiti company for a 146-unit apartment development. Also in Ottawa, Killam acquired a 244-unit apartment portfolio consisting of four buildings for $24 million. Based in Halifax, Nova Scotia, Canada, net operating income (NOI)  in Q3 2012 rose 0.7% over the same period in 2011. For the 4th quarter 2012, NOI increased 1.4% over Q4 2011. According to Yahoo!Finance Canada, as we reported earlier, Killam will release results for the quarter ending March 31 May 7, 2013, after the close of the market.  Killam operates over 50 manufactured home communities, mostly in Atlantic Canada, comprised of nearly 7,500 homesites.

(Photo credit: Killam Properties, Inc.)


UMH Issues Financials for 2012

March 12th, 2013 Comments off

PRNewswire reports from Freehold, NJ, MHC owner operator UMH Properties, Inc. announces its financials for 2012 and the Q4 2012. Its Core Fund from Operations (FFO) grew from $9,218,000 for the year ending Dec. 31, 2011 to $10,010,000 year-over-year 2012. Total income increased from $39,313,000 in 2011 to 46,828,000 in 2012, while net income attributable to common shareholders fell from $2,040,000 in 2011 to $1,749,000 in 2012. For the quarter ending Dec. 31, 2012 total income rose to $12,606,000 from $11,026,000 for the same quarter of 2011. Net loss attributable to common shareholders increased from $147,000 for Q4 2011 to to $559,000 Q4 2012. During 2012 UMH acquired 17 Communities containing a total of 1,700 developed home sites for $47.6 million. Assets in 2012 grew from $223.9 million to $300.2 million. As MHProNews understands, UMH owns and operates 67 manufactured housing communities comprised of 12,500 developed homesites in seven states. It also owns a portfolio of REITs. Says President Samuel A. Landy, “The Company is very well positioned to continue to execute its growth strategy and anticipates additional acquisitions in 2013.”

(Image credit: UMH Properties, Inc.)

Zell Spells Out Dire Financial Forecast

November 20th, 2012 Comments off

GuruFocus reports Sam Zell of Equity Group Investments, presenting at Chicago’s Invest for Kids conference, says the Eurozone is heading for a recession because the currency is imploding. One of the world’s most successful real estate investors, he says the will to embrace austerity measures in the U.S. in order to deal with the debt problem does not exist, and the growth in India and China may be slowing. He thinks stock and real estate prices are high because the world is “flooded with dollars” and that is propping up assets. Zell is subsequently investing in “black swan scenarios,” generally thought to be catastrophic events like the collapse of the bond market, or disasters like 9/11. MHProNews knows Zell’s Equity LifeStyle Properties is the largest owner/operator of manufactured home and recreational vehicle communities in North America.

(Photo credit: Wall Street Journal—Sam Zell)