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Posts Tagged ‘pacific skies estates’

Carlyle Group’s EPS Estimate nearly Halved

April 18th, 2016 Comments off

Calif___Pacific_Skies_Estates_CRP_slashPSE_Seaside_Pacifica_Venture__creditThe Carlyle Group LP (NYSE:CG), investor in several manufactured home communities, was expected to earn $0.18 per share (EPS) for the first quarter of 2016, according to what analysts at Jefferies Group had predicted, down from their previous forecast of $0.35 per share earnings. Jefferies has a “Hold” rating on the stock with a $16.00 target price.

However, the consensus estimate for The Carlyle Group’s Q1 2016 earnings is $0.25, according to americanbankingnews.

For the remainder of the year, Jefferies Group forecasts Carlyle will have quarter two, 2016 earnings of $0.45 per share, followed by Q3 EPS of $0.50 and for Q4 2016, $0.51 EPS. Fiscal year 2016 earnings will be $1.64 EPS.

Deutsche Bank cut their price objective on Carlyle from $16.00 to $15.00, while Barclays issued a $17.00 price objective on the stock. Credit Suisse set an $18.00 price objective on the stock.

As MHProNews reported Oct. 28, 2015, Carlyle acquired the Plaza Del Rey MHC in Sunnyvale, CA, a sprawling 85 acres with 722 home sites for an estimated $180 million.

The Carlyle Group invested in a manufactured home community last fall, as MHProNews reported Sept. 22, 2015, shelling out $42 million to upgrade the 93 home site Pacific Skies Estates overlooking the Pacific Ocean. That project has been held up pending negotiations with the California Coastal Commission which oversees alterations that affect the coastline. ##

(Image credit: CRP/PSE-Seaside Pacifica Venture–Pacific Skies Estates MHC)

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

MHC Owner Carlyle Group has Deep Washington Ties

February 15th, 2016 Comments off

carlyle_group__the__credit_to_arabianbusiness_comAccording to financialspots, President Obama has appointed Carlyle Group partner Jerome Powell to serve on the Federal Reserve Board of Governors. Powell was undersecretary for finance under the George H. W. Bush presidency.

One of the largest defense contractors in the world, Carlyle includes among its ranks some of the most influential Washington, D. C. policymakers and shakers culled from the last five administrations: both Bush presidents, ex-Sec. of State James Baker III, ex-Sec. of Defense Frank Carlucci, former Clinton Chief of Staff Mack McLarty, and one time SEC Chairman Arthur Levitt.

Other investors of note are the bin Laden family and the Saudi Arabia royal family. In 2007, Mubadala, a wholly owned investment arm of the Abu Dhabi government, bought a 7.5 percent share of the Carlyle Group.

As MHProNews posted Oct. 15, 2013, the Carlyle Group entered the manufactured housing community (MHC) business by acquiring two communities in Florida from Shamrock Holdings LLC of Arizona for $30.8 million.

More recently, Carlyle acquired Sunnyvale, California’s Plaza del Rey MHC, a 722 home site for an estimated $180 million. As MHProNews reported Feb. 11, 2016, Carlyle, one of the largest private equity firms in the world with some $190 billion assets under management, invested $42 million in Pacific Skies Estates MHC overlooking the Pacific Ocean. The firm intends to upgrade the 93 home site community with all new MH that will then be rented. ##

(Image credit: arabianbusiness)

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

Carlyle Posts Q4 2015 Financials, as it Invests in Northern Calif. MHC

February 11th, 2016 Comments off

carlyle_group__the__credit_to_arabianbusiness_comThe board of directors of The Carlyle Group announced financial results for Q4 2015 as cnn.money tells MHProNews regarding this global asset management firm with $183 billion under asset management.

With total assets on the balance sheet for Carlyle of $32 billion as of 12-31 2015, by U. S. GAAP (Generally Accepted Accounting Principles) numbers, for the fourth quarter 2015 Carlyle reported a loss of $151 million before provision for income taxes, and a net loss of $3 million. Earnings per share (EPS) of stock were -$0.04 on a diluted basis.

Co-CEO David Rubenstein, noting the challenging market in 2015, said “The equity market currently ascribes little value to our diversified investment platform. We are announcing a $200 million repurchase program as we see great value in Carlyle units.”

Carlyle Co-CEO William E. Conway added, “Recent market volatility has created a challenging but opportune investment environment for many of our fund teams. Our current pipeline is strong and we believe that good deals can be financed in the current market. As of early February, we already have signed contracts for approximately $4 billion of new investments and $4 billion of realized proceeds, which we expect to complete during the first half of the year.”

Carlyle has acquired a portfolio of manufactured home communities (MHC), the most recent, as MHProNews reported Sept. 22, 2015, investing $42 million in Pacific Skies Estates in Pacifica, Calif. to upgrade this 93 home site MHC overlooking the Pacific Ocean. Pacific Skies plans to buy luxurious MHs and rent them out.

Work on the project was halted following a dispute that arose between the California Coastal Commission and Pacific Skies over the necessity of a permit, as MHProNews reported here Jan. 25, 2016. In addition, it is not clear if all the residents have left the community. The owners were trying to have all the residents moved out by the end of January. A public hearing has been set for April 13.

In trading on the stock market today, as we reported on our stock report, Feb. 10, Carlyle closed up +1.45 percent at $11.86. ##

(Image credit:arabianbusiness)

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

Public Hearing Set for Pacific Skies Estates Upgrade

January 25th, 2016 Comments off

Calif___Pacific_Skies_Estates_CRP_slashPSE_Seaside_Pacifica_Venture__creditFollowing a story MHProNews posted Jan. 18, 2016 regarding a dispute between the owners of Pacific Skies Estates (PSE) manufactured home community (MHC) and the California Coastal Commission over the necessity of a permit for upgrading the community, the full commission is set to hold a public hearing April 13 to discuss the matter, according to smdailyjournal.

The private-equity fund Carlyle Group invested $42 million to bring in new manufactured homes to the 93-home site community, repair the streets and utilities and build a boardwalk overlooking the Pacific, after clearing out all the existing homes and upping the site rent considerably.

The city of Pacifica signed off on the proposal in 2013 after the state Department of Housing and Community Development Agency approved the permit. However, the Coastal Commission maintains the permit should not have been given because the “repair and maintenance” project Pacific Skies alleges it is doing is actually a form of redevelopment, requiring a permit from the Commission.

The Commission’s district manager, Nancy Cave, sent a letter to Pacifica’s city manager and to the MHC owners, saying, “We believe it is in the city’s and the public’s best interests to allow the process to be brought to resolution in a public hearing in front of the commission where you can state your case and members of the public can fully participate. We would hope that you would agree.”

The city maintains the Commission has no right to reconsider the exemption it granted to the community owners.

Additionally, while PSE offered up to $15,000 to residents for relocation expenses, several residents have not moved, saying $15k is not sufficient because rents in the area are so high. Stay tuned. ##

(Image credit: Pacific Skies Estates CRP/PSE, Seaside Pacifica Venture)

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

Coastal Commission, City of Pacifica Disagree about Permit

January 18th, 2016 Comments off

pacific_skies_estates__pacifica_calif_mhvillage__creditFollowing a story MHProNews posted Sat., Jan 16 regarding the investment in the manufactured home community (MHC) Pacific Skies Estates in Pacifica, Calif., by the Carlyle Group and subsequent upgrading, smdailyjournal reports the owners and the California Coastal Commission are at odds over whether the work requires a Coastal Development Permit (CDP).

The owners received permission from the state’s Department of Housing and Community Development Agency that oversees all the MHCs in the state, and the city of Pacifica signed off on it in 2013.

However, the Coastal Commission, saying the exemption should not have been given, and that the owners are going beyond repairing and maintaining development because they are installing all new MH and replacing some of the infrastructure. The commission’s regulations state that replacement of 50 percent or more of a structure is not repair and maintenance, but instead constitutes replacement requiring a CDP,” the Coastal Commission’s Nancy Cave wrote to the city in November. Pacifica officials say the Commission has no authority to override its exemption determination.

Rents in the community have been below market rate, but the new manufactured homes will rent for about double the current rate. Community owners intend on renting the homes instead of renting the home sites to home owners. ##

(Photo credit: MHVillage–Pacific Skies Estates)

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

Carlyle Group is one Resident Away from Updating Coastal MHC in CA

January 16th, 2016 Comments off

Calif___Pacific_Skies_Estates_CRP_slashPSE_Seaside_Pacifica_Venture__creditMHProNews published a story Sept. 22, 2015 regarding private equity firm The Carlyle Group’s collaboration with Pacific Skies Estates, a 93 site manufactured home community (MHC) on the Pacific, and investing $42 million to upgrade the community with new, high-end MH that will be rented. The plan includes building a 1,000 foot boardwalk along a cliff overlooking the Pacific.

The community is mostly vacant as construction crews remove the abandoned homes, according to smdailyjournal, having offered $10,000 to $15,000 to residents in relocation expenses. One resident, Susan Burwell, 69, has refused the offer saying it will do her little good because she receives $1,296 in monthly SS payments, and her monthly rent is $1,200.

While the community is subject to a rent control ordinance, it only applies to those who own their homes, and Pacific had steadily bought the majority of the homes in the community over several years.

While the city of Pacifica had agreed to the renovation, the California Coastal Commission called it a “complete redevelopment” which requires a permit from the commission to proceed. Burwell, now with the assistance of the Legal Aid Society of San Mateo County, says the work being done is illegal because the community has not been issued a permit.

The average rent in San Mateo county for a one-bedroom apartment is now $2,516, having increased over 50 percent in four years.

Burwell has been given until the end of January to vacate. In the meantime, a friend has started a GoFundMe page to help fund Burwell’s move. ##

(Image credit: CRP/PSE Seaside Pacifica Venture)

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

CA County Issues Ordinance to Ban Manufactured Home Community Closure

November 18th, 2015 Comments off

san_mateo_ca_mhc__smdailyjournal__creditThe San Mateo County Board of Supervisors in California adopted an temporary urgency ordinance to prevent eight manufactured home communities (MHCs) from closing or converting for the next 45 days in an attempt to keep affordable housing available in the Bay Area. The Bay Area is one of the most expensive housing regions in the nation.

The initiative was spurred by the Carlyle Group’s acquiring an interest in Pacific Skies Estates, an MHC overlooking the Pacific where Carlyle intends to site luxury manufactured homes, as MHProNews reported Sept. 22, 2015.

According to a report by County Manager John Maltbie, the ban on the unincorporated areas of the county could extend for two years in order for staff to develop logistics for relocating MHC residents. While state law requires community owners to submit relocation impact reports to municipalities prior to closing, the condition of the home and the reluctance of some communities to accept older homes can stand in the way of relocation efforts.

The eight communities have 850 home sites but only 350 are occupied by MH. Recreational vehicles (RVs) occupy a number of the sites, according to smdailyjournal, but there are long waiting lists for communities that accept them. They would be covered by the moratorium as well. MHCs in San Mateo County are also covered by rent control.

Housing attorney Daniel Saver, with Community Legal Services of East Palo Alto, noting the importance of being proactive in such situations, said, “This is a potential threat to affordable housing and could be a displacement disaster. It’s good to address this in advance.##

(Photo credit: smdailyjournal–San Mateo County manufactured home community)

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

Carlyle Acquires another Bay Area Manufactured Home Community

October 28th, 2015 Comments off

plaza_del_rey_mhc__sunnyvale_ca__carlyle_group__yahoo_creditBy some estimates, ranked as the largest private equity firm in the world with $193 billion in assets under management, the Washington, D. C.-based Carlyle Group has invested in another manufactured home community (MHC) in California, according to bizjournals. As MHProNews reported Sept. 22, 2015, Carlyle took part ownership in Pacific Skies Estates MHC overlooking the Pacific Ocean, intending to upgrade the community.

The new acquisition, Sunnyvale’s Plaza Del Rey, is huge by comparison to Pacific Skies, which has 93 home sites. Plaza Del Rey counts 722 home sites sprawled over 85 acres, and with a sale price of an estimated $180 million, the cost comes to about $250,000 per site.

In contrast to Pacific Skies where Carlyle plans on acquiring high-end manufactured homes and renting them out, the multi-national company intends to maintain Plaza Del Rey as owner-occupied MH and rent the home sites.

Carlyle entered the MHC ownership market when it acquired two Florida MHCs in 2013 for $30.8 million. ##

(Photo credit: yahoolocal–Plaza Del Rey MHC)

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

Carlyle Expands Manufactured Home Community Portfolio

September 22nd, 2015 Comments off

Calif___Pacific_Skies_Estates_CRP_slashPSE_Seaside_Pacifica_Venture__creditThe $193 billion-in-assets Carlyle Group is collaborating with the owners of Pacific Skies Estates, a 93 site manufactured home community (MHC) overlooking the Pacific Ocean in California to upgrade the utilities, streets and build a 1,000-foot-long boardwalk along the edge of the bluff.

The $42 million deal includes buying luxury manufactured homes for the community, and in addition to the upgrades, Carlyle will own a majority stake in the 60-year old community, according to what bizjournals tells MHProNews. Unlike many MHCs where the owners own the homes and lease the home site, Pacific Skies will own the majority of the homes as well.

The massive private-equity firm headquartered in Washington, D. C. entered the MHC ownership market when it acquired two Florida MHCs in 2013 for $30.8 million, as MHProNews reported Oct. 15, 2013. ##

(Image credit: CRP/PSE Seaside Pacifica Venture--Pacific Skies rendering)

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