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Posts Tagged ‘Yes! Communities’

Manufactured Home Community Owner YES! Redistributes Assets

August 15th, 2016 Comments off

YES_Communities__their_credit postedDailyBusinessNewsMHProNewsYES! Communities, one of the largest owners of manufactured home communities in the nation with 178 communities in 17 states containing over 44,600 residential home sites, has announced it has sold 71 percent equity interest in its combined businesses to two global institutional investors, according to prnewswire. One of them is GIC, the Singapore-based sovereign wealth fund, with over $100 billion under management.

Additionally, the three entities that comprise YES!’ MHC portfolio will be combined into a new entity called YES! Communities LLC, a new real estate investment trust (REIT) portfolio.

Debt financing for the transaction was secured through two Fannie Mae credit facilities arranged by KeyBank and Wells Fargo, respectively. KeyBank also arranged a credit facility from Freddie Mac and a line of credit.

A portfolio company of Stockbridge Capital Group, LLC, YES!’s management team and existing investors of Stockbridge will own 29 percent of the new company. No financial terms were disclosed, MHProNews has learned.

In order to meet the various needs of its residents, YES! Offers home rental, site rental, home sales and home loan acquisition programs.

Stockbridge is an independent real estate investment management firm with $10 billion in real estate assets under management.

For the initial story abut GIC’s interest in YES!, please click here. ##

(Photo credit: YES!Communities manufactured home duplex)

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

Sunday Morning Recap-Manufactured Housing Industry News June 26-July 3, 2016

July 3rd, 2016 Comments off

mhpronews_sunday_morningWhat’s New in public focused Manufactured HomeLivingNews.com

St. Petersburg, FL – Misjudging Mobile Homes – Tale of Two Cities

What’s New in Manufactured Housing Industry Professional News

House committee requesting documentation from CFPB. Modular apartments replacing old apartment buildings. Zeman plans MH build in Florida. Maine city gets community development block grant for modular apartments. Kentucky city restricts MH to communities. Manufactured homes damaged moving from closing community to new site. Manufactured housing rEvolution. UMH hits 52-week high. Pending home sales slip. Dialogue results from visit to manufactured home communities. Norhtpoint Commercial Spreads Out. County sets hearing on MH siting. Restricted MH Community planned for Florida. YES! On block for $2 billion plus. MHI slammed for failing its mission. Air Force cadets build modular homes. Twin Cities trying to preserve MH as affordable housing. Much, much more in news, views and information you can use in your career.

Saturday, July 2, 2016

House Committee Pressing CFPB for Advertising Documentation

Friday, July 1

Modular Homes Rising where Irene Destroyed Manufactured Homes

Modular Container Home in High-end Calif. Market

British Columbia City may Allow Manufactured Homes for Foreign Agri Workers

UMH Properties is Top Gainer; MHCV slips, Skyline Falls

Maine City Receives Block Grant for Modular Apartments

UMH Properties hits 52-Week High, Projections Skyward

Thursday, June 30

Zeman Expands its Reach into Florida

Pending Home Sales Slip April to May

Skyline Outshines other MH-related Stocks; Dow Regains 235 Point

July 2, 2016 – the Manufactured Housing rEvolution!

Manufactured Homes Damaged in Moving to other Sites

KY City Restricts Placement of Manufactured Homes

Wednesday, June 29

Tony Prevatte Chosen to Head NC MH Association

Dow, Several MH-related Stocks Recover from Two Day Loss

Northpoint Commercial Finance Expands

Construction Employment Lack may Impact Overall Economy

Creating a Dialogue on Manufactured Housing as Affordable Housing in Seattle

Modular Homes for Dublin Homeless Finally Occupied

Tuesday, June 28

NM County Sets Hearings on Manufactured Home Siting

Skyline Corp. Bumps up +9.95 Percent, as Deer Valley Plummets -30.00 Percent

Singapore Investors Turn Sights on Yes! Communities for $2B+

American Banking News – Key MHI Staff “Excoriated” for Failing Their Mission, Members

Dodd-Frank Continues to be Batted About

Mon. June 27

MHLivingNews says Massachusetts is Smacked with Shortage of Mid-range Homes

Federal Preemption should Allow the Manufactured Home to be Sited

Deer Valley Skyrockets, while Dow Drops -290 Points, NASDAQ Falls -2.41%

Air Force Academy Cadets build Modular homes for Navajo

Twin Cities Trying to Preserve MH Communities as Affordable Housing

Sunday Morning Recap-Manufactured Housing Industry News June 19-June 26, 2016 ##

(Photo credit: MHProNews)

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

Singapore Investors Turn Sights on Yes! Communities for $2B+

June 28th, 2016 Comments off

yes_communities_logoMHProNews has learned from The Wall Street Journal that Singapore’s sovereign wealth fund, GIC, is in talks to acquire Denver-based YES! Communities from private-equity firm Stockbridge Capital Group for over $2 billion. Spurred by investors who are seeking to find sources of higher yield in a world of low interest rates, GIC would obtain an initial yield of just over six percent, while many top market trophy properties currently return less than five percent. YES! owns or operates 178 manufactured home communities (MHCs) in 17 states.

In recent similar transactions, as MHProNews reported here March 16, 2016, Sun Communities, Inc. acquired the 103 manufactured home and recreational vehicle sites of Carefree Communities, Inc. from Centerbridge Capital Partners for $1.68 billion, while NorthStar Realty Finance Corp. agreed to sell its 135 MHCs to a property fund managed by Brookfield Asset Management Inc. for $2.04 billion, as MHProNews reported here.

The demand for acquiring MHCs has increased as investors realize there is a limited supply—local governments are reluctant to license more MHCs because of the stigma that is still attached to MH communities, and also because they do not produce nearly as much in property tax as other types of real estate development. Additionally, costs are minimal in operating an MHC, and residents tend to stay much longer than, say, tenants in an apartment building.

Well-capitalized private-equity and publicly traded REITs are eager to acquire these properties, invest capital on cosmetic or deferred maintenance items, and realize improved performance [of] the properties typically within the first two years of ownership,” Paul Adornato, an analyst with BMO Capital Markets, said in an email.

In late 2014 GIC acquired IndCor Properties from Blackstone Group LP for $8.1 billion. IndCor is one of the largest owners of industrial space in the nation.

Similarly, the Kwee family of Singapore is helping finance luxury condominiums next to New York’s Museum of Modern Art. ##

(Image credit: YES! Communities)

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

Water Company Acquires Water Systems in Manufactured Home Communities

March 9th, 2016 Comments off

sunbird jay calderon the desert sun credit water faucet attached to manager's office at Sunbird so residents will have choice of water sourceIowa American Water has acquired the water systems in three YES! Communities in Davenport, Iowa, adding 850 customers to its roster, as qconline tells MHProNews. Residents of Five Seasons, Lakewood Estates and Silver Creek manufactured home communities (MHC) have been receiving water from Iowa American but through a re-sale agreement.

We welcome the residents of our local YES! Communities and look forward to continuing to provide reliable, high quality water to them,” said Randy Moore, president of Iowa American Water.

Adam Coe, YES! Communities regional manager, said, “The sale of YES! Communities water systems to Iowa American Water is a step forward for our residents. With all of the water quality regulations and challenges water suppliers today must deal with, this sale is the best long-term, permanent and reliable solution for our residents.”

Iowa American intends to invest $1.8 million to upgrade existing water meters in the communities to radio read meters, and eventually replace water lines as needed. ##

(Photo credit: thedesertsun/Jay Calderon)

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

San Antonio Mission Trails MH Park Closure deadline looms

January 9th, 2015 Comments off

2015-01-09_0458mission-trails-mobile-home-park-closure-ksat12-posted-daily-business-news-mhpronews-The deadline for the closure of Mission Trails is January 15, but for the 6 households still living at the property, it looks possible one or more may miss that deadline.

As previously reported here, the San Antonio City Council voted last May for a plan that would close the Mission Trails Mobile Home Park property and make way for a mixed-use development on that location.

KSAT12  tells MHProNews  that: Onegra Perez is one of the remaining residents. Perez said she hasn’t been able to move her family, lacking the resources to do so.

I would like to be able to relocate to a place where I’m safe,” said Perez. “Where I can raise my children in a safe and stable way.”

One of the posted comments on the KSAT website by ‘KHI’ reads, “From the picture of these very dilapidated structures and trash all over the ground – how can anyone raise a family there?” ‘SAKnows’ posted, “This was a ghetto and the city should have inspected it years ago.”

Not only are home owners impacted by conditions in a land-lease community, but so too is the image of the industry at large. While a headline grabbing media often lacks the right stuff to provide a balanced report, investors and manufactured housing professionals have the opportunity to turn such ‘black eye’ local stories into victories for all, given the right approaches.

While it doesn’t catch mainstream media headlines often enough, there are good thousands of manufactured home communities done right. One of many examples of smart approaches that are good for residents and good for business are highlighted in the interview with Gary McDaniel of Yes! Communities, found at the link on his name. ##

Related article, Negative images of manufactured housing in the media, do we just accept it

(Photo credit: KSAT12)

“Fearless” Senator Elizabeth Warren, the CFPB’s ‘Mama’ buttresses potential 2016 presidential cred

December 1st, 2014 Comments off

senator-elizabeth-warren-credit=ap-abcnews-posted-daily-business-news-mhpronews-com-ABC News tells MHProNews that Massachusetts Democratic Senator, Elizabeth Warren is admired by liberal loyalists and doesn’t mind taking on anyone – including President Obama – when she thinks they are wrong.

Warren is known as a key supporter – or Mama – of the agency that became the Consumer Financial Protection Bureau (CFPB).

As most MH pros know, the CFPB has harmed access to lending on manufactured homes. Some sizable firms, such as Yes! Communities, exited their own ‘captive lending’ program over concerns surrounding the ability to comply. They and giant U.S. Bank’s recent exit from direct lending on MH, are but two examples of the harm done by CFPB regs to MH consumers and sellers.

But Warren and die-hard CFPB champions remain undaunted.

Massachusetts Democratic Party chairman Philip Johnston said Warren is “absolute fearlessness” in the face of opponents. “CEOs of banks usually intimidate members of the Senate because they speak a different language,” Johnston said. “Elizabeth speaks that language … and she calls them out.

In spite of denials, a possible signal that Warren is preparing for a possible presidential run is her first overseas trip as a U.S. Senator. She made a trip to Israel, the West Bank and Jordan, meeting with Palestinian President Mahmoud Abbas and Israeli Prime Minister Benjamin Netanyahu.

While some think Hillary Clinton is unstoppable, the same was thought in 2008 when she was upset by Barack Obama for the Democratic nomination for president. Manufactured housing professionals are wise to keep an eye on this rising star in the Democratic Party as the 2016 campaign for president is unofficially underway. ##

(Photo credit: AP)

RV/MH Hall of Fame Challenge Advances

November 10th, 2014 Comments off

RV-MH-Hall-of-Fame-posted-on-mhpronews-comDarryl Searer, chairman and president of the RV/MH Hall of Fame tells MHProNews he’s encouraged by early support of the “Kevin Clayton Debt Elimination Challenge” fund raising campaign.  The money being raised and/or pledged is to eliminate remain debts on the Hall.

Searer said, “Our goal is to raise $1 million in this campaign over the next 3 to 5 years.  These new pledges, plus Kevin Clayton’s initial pledge of $200,000, means that we are more than 35% there in only a few weeks since the campaign was announced.”  

Kevin Clayton’s $200,000 in pledges, plus others made by Gary McDaniel of Yes! Communities, Joe Stegmayer of Cavco Industries, Barry Cole, MH Insurance Services, Debra Pizer of Zeman Homes, Senco Brands and Fairmont Homes round out the top initial pledges. To see the breakdown of donations/pledges and more details, click here. ##

(Photo Credit: RV/MH Hall of Fame)

(To learn more about the RV/MH Hall of Fame, please click here.)

 

Honorees chosen for RV/MH 2014 Hall of Fame

January 10th, 2014 Comments off

Ten new honorees will be inducted into the RV/MH Hall of Fame Class of 2014 on Aug. 4, 2014 at the Hall facility in Elkhart, Indiana.
MHProNews has learned the inductees from the manufactured housing industry are:
• Barry Cole, president of Manufactured Housing Insurance Services and Cole Housing Corp.(insurance supplier to RV/MH industries and MH communities).
• Ed Evans, managing partner of EPM (MH community owner and developer).
• Thomas “Tom” L. Kern, CEO, Style Crest Enterprises (RV/MH supplier).
• Richard “Dick” King, founder and CEO of King Insurance (insurance supplier to RV/MH industries).
• Gary McDanial, CEO, YES! Communities, (MH communities).
RV/MH Heritage Foundation President Darryl Searer said, “We had a record number of new nominees on both the RV side and MH side. The fact that we had so many deserving nominees this year is a wonderful testament to the renewed relevancy of and excitement for our Hall of Fame.”

(Photo credit: RV/MH Hall of Fame, Elkhart, Indiana)

MH Community Residents Protest Rate Increase

May 26th, 2011 Comments off

The Palm Beach Post reports that over 100 residents of manufactured communities in Florida attended a Florida Public Service Commission (FPSC) hearing regarding Aqua Utilities Florida Inc.’s request for a rate increase.  The FPSC has conducted a series of public meetings attended by hundreds of customers since October to complain about the water quality and customer service of AQUA.  The company has water rights to supply two manufactured home communities, Lake Osborne Estates west of Lake Worth and Arredondo Farms in Gainvesville.  Complaints include cloudy water, sediment, disjointed billing and rude customer service.  Original complaints about water provided Lake Osborne Estates before Aqua took over go back, in fact, to 1981.  Kim Kurz, of Yes! Communities, which operates Arredondo, said, “We have 67 communities in 12 different states.  This is the only problem like it in our portfolio.  We want to provide affordable housing.  This has impacted our business.”  She said residents pay $150 a month for water they cannot drink. The FPSC reduced Aqua’s request from $4.1 million to $2.6 million after hearing hundreds of complaints.