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Carlyle Group Adds to its Manufactured Home Community Portfolio

April 17th, 2017 1 comment

(Royal Manor Estates MHC: credit therealdeal)

MHProNews has learned from TheRealDeal that Washington, D. C.-based Carlyle Group, one of the world’s largest investment firms with over $178 billion of assets, according to its website, has added 437-homesite Royal Manor Mobile Home Estates in Boynton Beach, Fla. to its portfolio of MHCs.

Financing the deal with a $26.4 million mortgage from Berkadia, Carlyle paid owner Beverlee Miller Raymond $26.4 million for the property, equivalent to $104,000 for each homesite in the community restricted to 55-year old residents. Including a lake and clubhouse, the 85-acre property is situated four miles from the Atlantic Ocean, just south of West Palm Beach.

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(Royal Manor Estates credit: therealdeal)

As MHProNews reported Jan. 18, 2016, Carlyle invested $42 million in Pacific Skies Estates MHC in Pacifica, California to upgrade that community with 93 new manufactured homes that will be rented to residents. That story is linked here.

Carlyle Group is one of the stocks MHProNews covers in its daily stock report, linked here. ##

 

(Image credits are as shown above.)

 

Submitted by Matthew J. Silver to Daily Business News for MHProNews.

Trump’s Speech Plays to National Association of Home Builders

August 12th, 2016 Comments off

Donald_Trump_at_NAHB_meeting__therealdeal__credit postedDailyBusinessNewsMHProNewsSaying that “housing equals jobs,” Republican presidential nominee Donald Trump, playing to members of the National Association of Home Builders (NAHB), said that he would cut regulations, lower taxes and create jobs if he is elected, as the 900 small business owners responded with resounding applause at the Fontainebleau Miami Beach.

Noting his background as the son of a home builder, Fred Trump, Donald Trump said, “I have great respect for homebuilders,” he said during his speech. “I grew up with a homebuilder — he’s a really good homebuilder — and I used to sit at his knee with blocks, and watch my father or listen to my father negotiate on the phone with plumbers and sheet-rockers and electricians ….  I learned tremendous things from a homebuilder.”

Saying he was “so comfortable” with his audience, Trump underscored one of the main issues that concerns builders, namely that regulations account for 25 percent of home building costs. He said he would put a temporary moratorium on new agency regulations, and that “We should get it down to about two percent.”

At one point during his 30-minute speech, according to what thereadeal informs MHProNews, he displayed a chart revealing that homeownership is at its lowest level in 51 years.

During his talk he took jabs at his opponent, Democratic presidential nominee Hillary Clinton and President Obama on taxes, trade and foreign policy, including his oft-repeated claim that Clinton and Obama founded ISIS.

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Donald Trump has begun using charts during his speeches, and held this chart up during his address to the homebuilders in Florida. The first video clip below is focused on this part of his talk, where he speaks about Dodd-Frank, how hard it is to borrow, and that homeownership – the American Dream – is at a 51 year low under President Obama.  The second video below is of the full address to the homebuilders.

The crowd responded with a standing ovation when he finished his talk, yet some were not convinced. “He played us perfectly; he played us extremely well,” Joe Schwab of Bellevue, Washington-based HCS Construction, an NAHB board member, told therealdeal after the speech.

Overregulation is a “big problem,” Trump said. “We’ll have a massive cut in regulations,” as quoted in HousingWire.We will eliminate all regulations that kills jobs. Hillary Clinton wants to tax and regulate our economy to death.” Trump closed his speech with his campaign slogan of America First and another story about his father. ##
(Editor’s Note:
To learn more about Donald Trump’s son – Eric Trump – and their involvement with modular homes, click here.)

(Photo credit: therealdeal-Donald Trump speaking to members of the National Association of Home Builders)

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

Pending Home Sales Slip April to May

June 30th, 2016 Comments off

pending sale  paul sakuma  AP Photo creditFollowing a three-month climb, the pending home sales index slipped 3.7 percent from April to May, to 110.8, according to the National Association of Realtors (NAR), 2.6 percent higher than expected, but a 0.2 percent decrease from may 2015.

With 100 being a healthy number, the index has not fallen year-over-year since Aug. 2014. Nevertheless, NAR forecasts 5.44 million pre-existing homes will be sold this year, a 3.7 percent increase over 2015.

As therealdeal tells MHProNews, NAR’s Chief Economist Lawrence Yun says the drop in May is attributable to the high demand and high price of sales in previous months.Total housing inventory at the end of each month has remarkably decreased year-over-year now for an entire year,” said Yun. “There are simply not enough homes coming onto the market to catch up with demand and to keep prices more in line with inflation and wage growth.”

The Northeast suffered the largest drop in pending sales April to May, -5.3 percent. The Midwest fell 4.2 percent, the West fell 3.4 percent and the South slipped 3.1 percent. ##

(Photo credit: Associated Press/Paul Sakuma)

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

Existing Home Sales in U. S. Rise to Highest Pace in Nine Years

June 22nd, 2016 Comments off

sold home  mattheafeyWith interest rates remaining low and unemployment slowly falling, U. S. existing home sales hit their highest pace in nine years last month, as sales rose nearly two percent from April to May to a seasonally-adjusted annual rate (SAAR) of 5.53 million, according to data from the National Association of Realtors (NAR).

MHProNews has learned from therealdeal May’s sales volume rose 4.5 percent over the same period last year, the fastest pace in nine years.

Reaching the highest median ever recorded, The Wall Street Journal reports the median sale price for an existing home jumped 4.7 percent from a year earlier to $239,700. The NAR forecasts the pace of existing home sales may rise three percent this year.

Meanwhile, the inventory of homes for sale continues to trail demand—there were 2.2 million existing homes on the market at the end of May, a drop of 5.7 percent from a year ago. Says the NAR’s Lawrence Yun, We have a tight inventory situation—whatever is coming on the market is moving very fast.”

Meanwhile, in April the sale of new, single-family homes rose by nearly 17 percent over March, the fastest pace since Jan. 2008. ##

(Photo credit: mattheafey)

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

Affordable Homes becoming more Scarce

April 25th, 2016 Comments off

home sales rising  housing wire com  creditFirst-time home buyers accounted for less than a third of all home purchases last year, the lowest rate in almost 30 years, as The Wall Street Journal informs therealdeal. Only 25 percent of U. S. counties that have over 100,000 people saw a decrease in affordability of homes since last year.

Despite low unemployment and record-low mortgage rates, the housing market has not kept pace as home prices have risen more than wages. In the Dallas area, historically an affordable market, since 2014 there has been 13 months of consecutive year-over-year price gains above eight percent—nearly twice the national average of 4.7 percent.

One home buyer said buying a home was a very competitive process, requiring her to pay $6,000 above the asking price and an expiration date on the offer. MHProNews understands she compared the transaction to tackling it like a project manager. ##

(Image credit: housingwire–affordable home prices rising)

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

Manufactured Home Community Sells for $3.3 Million

April 14th, 2016 Comments off

florida__okeechobee_zachary_taylor_rv_resort_flrvresort__creditMHProNews has been informed by therealdeal that Zachary Taylor RV Park in Okeechobee, Fla. was acquired by Coastal Income Properties for $3.3 million from a private seller. Capstone Manufactured Housing, based in Charlotte, North Carolina, brokered the transaction, led by Deucie Bies and Kevan Enger, the fourth manufactured home community (MHC) that Capstone has arranged for the seller.

Despite its name, the Zachary Taylor RV Park, a 55 and older community, does have manufactured homes among its 210 home sites and a high percentage of permanent residents. ##

Equity LifeStyle Acquires Recreational Vehicle Resort in Florida

July 3rd, 2015 Comments off

Miami_Everglades_RV_Resort__the_real_deal__creidtThe Miami Everglades RV Resort in southwest Miami has been sold for $9.84 million by Miami Everglades Campground of Friendswood, Texas to MHC Miami Everglades, which is part of Equity LifeStyle Properties, Inc. (NYSE:ELS) of Chicago. Developed in 1970, the property includes cabins, a main store and a swimming pool.

According to therealdeal, with Bruce A. Bryant named on the corporate records, the 34-acre recreational vehicle (RV) community sold for an unknown price in 2009, but was purchased for $2.5 million in 2000.

As MHPronews knows, ELS is the largest owner of manufactured home and recreational vehicle communities in North America with 340 communities comprised of nearly 140,000 sites. A real estate investment trust (REIT), it’s stock closed at $54.52 (+0.68%) July 2, 2015. ##

(Photo credit: therealdeal–MHC Miami Everglades Resort)

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

Sam Zell: Going Head-to-Head with Former Partner?

August 20th, 2014 Comments off

gary_garrabrant_sam_zell__therealdeal__com__creditEquity LifeStyle Properties (ELS)/Equity Residential Chairman Sam Zell is seeking to raise $600 million for investments in emerging markets in India, China and Latin America, and may be competing with his former partner at Equity Residential, Gary Garrabrant, who left Equity suddenly in 2012, according to therealdeal.com. Garrabrant, who founded Pennsylvania-based Jaguar Growth Partners last year, is seeking to raise up to $1 billion, and both have similar goals and will reach out to the same investors. Zell’s firm owns 38 residential properties in the New York area alone with some 10,330 apartments. Rick Singer of New York’s Eastbridge Group told the Wall Street Journal, “It will be interesting to see where the major investors put their money. I’d be shocked if they share between the two funds.” MHProNews knows ELS is the largest owner of manufactured home and recreational vehicle communities in North America with 380 properties comprising nearly 143,000 home sites. ##

(Photo credit: therealdeal.com–From left, Garry Garrabrant and Sam Zell)

New York City’s First Modular Apartments Ready to Lease

May 19th, 2014 Comments off

Updating a story MHProNews.com last posted April 16, 2014 regarding the Stack, a 28-unit modular apartment building in the Inwood section of New York City, therealdeal.com reports the city’s first modular development is now leasing. Designed by Gluck+ and developed by Kimberly Frank and Jeffrey Brown, the 56 modules were constructed in Pennsylvania and shipped to NYC. Only the foundation and the concrete first floor–which will be 4,000 square feet of retail space—were built on site of the seven-story building. Amenities in the 38,000 square foot building include tenant-controlled HVAC, a virtual doorman, bicycle storage, on-site laundry facilities and a common outdoor landscaped terrace. According to a news release from Douglas Elliman Development Marketing, rental prices start at $1,750 for the studios, one, two, and three bedroom apartments. Our post from April 16 stated a lottery would be held for those qualifying for affordable housing, with units starting at $909 per month for a one-bedroom apartment, information that could not be immediately confirmed. ##

(Photo credit: therealdeal.com–the Stack modular apartments in NYC)

Brooklyn’s B2 Modular Tower Delayed; City not Happy

April 22nd, 2014 Comments off

Following a story MHProNews.com last covered Dec. 17, 2013 regarding Forest City Ratner’s 32-story Atlantic Yards modular housing project in Brooklyn, New York, therealdeal.com reports the completion date of the B2 Tower has now been pushed back to late 2015, instead of June 2014. Shanghai-based Greenland Holding Group, which invested roughly $200 million for a 70 percent stake, says the entire complex, including the 20 percent low income apartments, will require eight years. Rents will range from $400 to $4,400. Neighborhood leaders and Brooklyn officials have complained the project is moving too slow, while labor unions, strong in New York, have griped about the loss of jobs due to the modular method of construction. Nevertheless, city officials see the hope. Says Alicia Glen, deputy mayor for housing and economic development, “We’re not happy about the pace of construction. But we think that modular is something we should continue to pursue across the city.” ##

(Image credit: commercialobserver.com–Atlantic Yards complex)