Bi-Monthly Updates and Industry Happenings from The World of Manufactured Housing
January/February Manufactured Housing Industry Happenings
Colorado City Considers Residential Code Changes
Woodland Park, Colo., is reconsidering its zoning code after the approval of a manufactured home community, The Village at Tamarac, turned up inconsistencies among detached single-family-home projects in multifamily zones within the city. The review may take several months, officials said. The board is trying to update codes that led to a high number of variance requests in 2018. Most of the variances pertained to side setbacks, especially on small lots.
Sun Communities Closes on Jensen Purchase
Sun Communities, Inc., a real estate investment trust with ownership or interest in manufactured housing and recreational vehicle communities, has closed on the previously-announced acquisition of Jensen’s, Inc. The Jensen portfolio includes 31 manufactured housing communities in eight states comprising 5,230 developed sites and more than 460 additional potential expansion sites. The total purchase price was approximately $343.6 million, including Sun Communities‘ allocation of approximately $8.0 million for expansion land and adjacent parcels ready for development.
Greystone Backs California Community Transaction
Greystone, a commercial real estate lender, investment and advisory company, provided a $33.7 million Freddie Mac loan to refinance Belmont Shores Mobile Estates, a 347-unit age-restricted manufactured and mobile home community in Long Beach, Calif. The transaction was originated by Dale Holzer in Greystone’s Newport Beach office, on behalf of Alamitos Bay Partnership LLC with Don Smith of Sunrise Mortgage & Investment Co. serving as a correspondent.
ROC USA® Network Expands into Idaho
ROC USA and the local affiliate LEAP ROC in the fall worked with the owner of Pleasant View Manor in Caldwell, Idaho, to sell to residents and stabilize housing costs in the park. Caldwell, 30 minutes west of Boise, is the fastest-growing metropolitan area in the country and is feeling the housing cost pressures that have reached beyond Boise. Pleasant View Homeowners Cooperative became the first resident-owned community in Idaho.
N.Y. Developer Plans Net-Zero Neighborhood
A Geneva, N.Y., modular home builder has entered the Ithaca-area market with plans for a 43-unit, single-family subdivision on a nearly 25-acre swath of open land in the village of Lansing. The Solar Home Factory combines modular homes with the features of a net-zero energy home to create an affordable and efficient new home that runs on its own energy.
California Community Changes Hands
Karcher Mobile Home Park, a property with 151 homesites, sold for $7.5 million to Boa Vida, a California-based manufactured home and RV park ownership group. The previous ownership group, Elevate Commercial and Patriot Parks Management, bought the park in 2018.
New Land-Lease Proposition in Atlanta
The city of Atlanta has launched a ground-lease program designed to protect “legacy residents” who want a path to homeownership in their neighborhood but can’t afford a mortgage. Invest Atlanta works through the Atlanta Land Trust so buyers using the ground-lease program can purchase a home and lease the land it sits on from the city at $1 per year for up to 99 years. If the home is sold at a later date, the owners keep any appreciation on the structure, while the land remains in the city’s hands. Other local governments in Virginia, Oregon and Washington also are testing the approach.
Tempe, Ariz., Community Refinances
Hunt Real Estate Capital provided a Freddie Mac conventional multifamily loan in the amount of $35 million to refinance a 4.5-star manufactured housing community located in Tempe, Ariz. Contempo Tempe is a 454-pad, age-restricted manufactured housing community. The borrower purchased the property in 2005. The new loan refinanced existing debt and included a cash-out feature to acquire other manufactured housing properties. The loan has a 10-year term amortizing over 30 years, and the first three years are interest-only.
Bennett Truck Transport Buys Roadmasters
Bennett Truck Transport has purchased RoadMasters Transport Company and its open-deck, general freight carrier RoadMasters Power Transport. RoadMasters is an Athens, Texas-based privately-held company founded in 1978. The RoadMasters Companies have provided over 41 years of service to shippers of manufactured housing and modular buildings, and almost 15 years of service to open-deck freight shippers across North America. With this acquisition, Bennett increases its fleet capacity by 100 toter owner-operators and 145 open-deck owner-operators in its general freight network.
Community Owner Commended for Rehab
One of Murray, Utah’s oldest manufactured home communities, a few years ago was slated for demolition until it was purchased by a new owner. Winchester Estates is on more than 60 acres along the Jordan River and adjacent Murray Parkway Golf Course. The 200 community residents were able to keep their homes. Investment Property Group, of California, purchased the property in 2017 and added new homes, a gazebo, and is building a new clubhouse, among other improvements.
New Modular Home Part of Expanding Program
A new modular home at 74 Thompson Boulevard in Coldwater, Mich., was installed with funding from a re-payable grant through the Michigan State Housing Development Authority. Coldwater was the first community in the state to receive funding through the COL MOD program. MSHDA’s Acting Executive Director Gary Heidel said the city meets the criteria of having a workforce housing shortage, is an income-eligible community and has available sites for infill or new construction.
Board Considers Expansion to Maine Community
The Waterville, Maine, Planning Board is considering the proposed expansion of Countryside, a manufactured home community in central Maine. The project would increase the mobile homes in that area to about 225, according to the plan. Work is to begin in the spring, if approved.
Frederick, Colo., Community Expands
YES Communities, one of the nation’s largest owners and operators of manufactured housing communities, announced an expansion to the Prairie Greens, a community in Frederick, Colo. Prairie Greens is an affordable housing community that includes just under 300 modular-built homes. The expansion will add almost 70 homes to the community.
Oregon Senior Community Faces Redevelopment
The Springfield, Ore., City Council voted in favor of redevelopment for the Patrician Mobile Home Park, approving the rezoning of the land to mixed-use commercial. Residents at the 13.6-acre park with 81 homes are finding other places to live. The developer, Urban Transitions, L.L.C., wants to develop new restaurants, businesses, and apartments in place of the mobile home park.
South Florida Community Under New Ownership
Aquarius Mobile Home Park in Homestead, Fla., sold for $22 million. The community takes 24.3 acres and last was purchased in 1997 for $1.3 million. Walker & Dunlop provided a $17.5 million loan for the latest acquisition.
MH Supplier, Arkansas Association Leader Mourned
Robert J. White Sr., age 86, of Hot Springs, Ark., formerly of Warren, passed away Oct. 28, 2019, at Quapaw Care and Rehab in Hot Springs. He was born June 9, 1933, in Monticello, Ark. A retired business owner, White founded and operated White’s Heat & Air and White’s Mobile Home Supply. He also was past chairman and a Hall of Fame member of the Arkansas Manufactured Housing Association. White proudly served his country during the Korean War and had been a master sergeant in the U.S. Air Force.