Bi-Monthly Updates and Industry Happenings from The World of Manufactured Housing
January/February Manufactured Housing Industry Happenings
Clayton donates to Red Cross for hurricane relief
Clayton Homes gave a $112,543.60 donation to the American Red Cross East Tennessee Chapter. The donation will be used to support Red Cross relief efforts in areas affected by Hurricanes Michael and Florence.
Team members from the company’s 360 retail home centers, 40 home building facilities and Maryville headquarters raised $56,271.80, which was matched by Clayton.
Sun Announces Third-quarter Results
For the quarter ended Sept. 30, 2018, total revenues for Sun Communities increased $55.3 million to $323.5 million. Net income attributable to common stockholders was $46.1 million.
For the nine months ended Sept. 30, 2018, total revenues for Sun Communities increased $112.3 million to $852.9 million. Net income attributable to common stockholders was $96.5 million.
ELS Updates Revenue, Dividend Numbers
For the quarter ended Sept. 30, 2018, total revenues for Equity LifeStyle Properties (ELS) increased $15.1 million to $256.7 million. Net income available for common stockholders for the quarter increased $7.6 million to $56.1 million. For the nine months ended Sept. 30, 2018, total revenues increased $47.9 million to $743.2 million. Net income available for common stockholders for the nine months ended Sept. 30 increased $17.5 million to $162.4 million.
Acquisitions create largest MH supplies distributor in West
Ogdon Ventures, a private equity firm, recently acquired Westland Distributing, Arizona Home Supply and Nevada Home Supply to create the largest manufactured housing supplies distributor in the Western United States.
Green Courte Acquires Communities, Promotes Glascott
Green Courte Real Estate Partners IV (GCREP IV), a Green Courte Partners’ investment fund, acquired a portfolio of eight land-lease communities in Michigan containing 2,906 sites. Concurrent with the acquisition, GCREP IV formed a new venture with the portfolio’s seller to own and operate the fund’s land-lease community investments, which includes ownership of the seller’s operating company.
Green Courte Partners also promoted Bill Glascott to chief investment officer.
Clayton Offers Smart Thermostat
Clayton Home Building Group announced an exclusive partnership with ecobee, the company behind the world’s first wi-fi smart thermostat. Beginning Oct. 1, all new prefabricated Clayton Built homes included an ecobee3 lite smart thermostat. The ecobee4 will be available as an upgrade in select Clayton homes across the United States.
Los Angeles County Limits Rent Increases
The Los Angeles County Board of Supervisors temporarily banned rent increases greater than 3 percent at mobile home parks in unincorporated portions of the county. The six-month moratorium on rent hikes started in early October. The move was designed to protect residents from higher rent hikes while permanent rent control for such housing is under consideration.
The measure will only apply to mobile home tenants with leases of 12 months or less. Park owners may petition for higher rent increases if they believe a 3 percent cap prevents them from earning a reasonable return.
Vesta Provides Housing for Oil Workers
Simon Group Holdings companies Vesta Modular and Atlas Oil partnered to establish a modular housing solution for Atlas’ frac and rig business in Odessa, Texas. Modular housing units provided by Vesta will offer a housing solution for Atlas team members in west Texas that have limited housing options.
Yes Communities Adds New Leaders
Yes Communities promoted Julie Elkins to chief financial officer. She will be responsible for driving Yes Communities’ economic growth and overseeing all financial and accounting functions. Peter Hepner joined Yes Communities as senior vice president of strategic operations.
RHP Buys Delaware Community
RHP Properties acquired Shady Park, a manufactured home community in Selbyville, Del. Following the acquisition of Shady Park’s 304 home sites, Michigan-based RHP now owns and manages 237 manufactured home communities with 60,482 sites in 24 states.
Meritus Buys Michigan, Indiana Communities
Meritus Communities recently acquired a manufactured housing portfolio consisting of nine assets in Michigan and Indiana, totaling approximately 3,171 pad sites. Eight of the assets are all-age communities and one is an age-restricted community. ACORE Capital provided Meritus with $64 million to help facilitate the acquisition.
Skyline Promotes Dan Grant to VP
Dan Grant has been promoted from director of strategy to vice president of sales and business development for Skyline Champion Corp.
MHRE Opens Denver Office
MHRE Inc., a Michigan-based brokerage firm, opened a new office in Denver, Colo.
Portland Protects MH Communities
The Portland, Ore., city council voted Aug. 22 to make it more difficult to redevelop mobile home parks within city limits. The change to Portland’s zoning code, an effort to preserve low-cost housing, will create a new zone for 56 of the city’s mobile home parks, which have about 3,000 homesites.
Northwestern Buys Florida Community
Northwestern Mutual Life Insurance Co. bought Riverside Oaks, an 18-acre manufactured housing park in Punta Gorda, Fla., for more than $10 million. Opened in 1990, the park has a 55+ tenant base and 102 rental sites for manufactured homes.
Monroe & Giordano Finance Community Purchases
Monroe & Giordano arranged financing for manufactured housing community purchases in Florida. The communities included Harbor Lights Club in Seminole, Angler’s Cove and Angler’s Cove West in Lakeland, and Angler’s Green in Mulberry.
Anthony “Tony” Taylor died on Oct. 21 in Farmington, Mo., at the age of 59. Taylor worked the majority of his career for Gifford Homes in sales and management. He also served on the board of the Missouri Manufactured Housing Association.
Jean D. Merriman died Oct. 14 in Largo, Fla. She managed Wilder Mobile Home Sales as well as Wilder Haven East Mobile Home Park in Decatur, Ill.