Bi-Monthly Updates and Industry Happenings from The World of Manufactured Housing
September/October Manufactured Housing Industry Happenings
UMH Acquires Ohio Community
UMH Properties acquired a community in Ohio for $19.4 million. The community, Friendly Village, contains 824 developed homesites — of which about 46% are occupied — on approximately 101 acres.
Friendly Village is the third community acquired from a four-community portfolio. UMH expects to close on the fourth community in the third quarter. The company has two additional communities under contract that should close in the third quarter as well.
UMH Properties is a public equity REIT that owns and operates 119 manufactured home communities with approximately 22,300 developed homesites.
Roberts Offering NXT Homes
Roberts Communities, owner and operator of manufactured home communities in Arizona, Texas, and Colorado, is offering a luxury NXT Homes line. Designed with style, innovation and the customer experience in mind, the new line will bring nearly 200 off-site built homes to Roberts Communities in central Texas, with a starting price of $91,995 without land.
Blevins Acquires Tri-State Distributors
Blevins Inc., a Nashville, Tenn.-based supplier of housing products, has acquired Tri-State Distributors and its nine branch locations.
Tri-State will now be a division of Blevins and will continue operating as Tri-State Distributors. The company will continue to operate its corporate office in Royston, Ga., and all of its nine locations across Georgia, Florida, South Carolina, Alabama, and Mississippi.
Tri-State serves the hearth, heating and gas products industries, as well as the manufactured housing and residential HVAC industries. Primary product lines include gas grills, fireplace logs and heating products, along with HVAC equipment and manufactured housing accessories.
PEP Appoints New CEO
Performance Equity Partners (PEP), a finance company based in Tinley Park, Ill., appointed R. Scott MacNeil as its CEO.
MacNeil, an attorney and Certified Public Accountant, will manage PEP’s day-to-day operations, as well as its future business development and growth. He was most recently senior vice president and senior loan officer at First Secure Bank. Richard Voboril, PEP’s general manager for the past 12 years, will now advise the company on a part-time basis.
PEP provides individual consumer financing for the purchase and refinance of manufactured homes in 14 states. PEP also purchases existing loan portfolios from manufactured home community investors.
VBC will Open New Facility
VBC Manufacturing, a producer of pre-fabricated building components for the construction industry, will open a manufacturing facility in Hamlet, N.C. The project is expected to create 130 jobs.
The company, a division of Volumetric Building Companies, will invest more than $12 million in Richmond County, N.C., within the next three years. VBC manufactures pre-fabricated components that are used in the multi-family residential, student housing, and hospitality construction markets.
Bedrock Buys Florida Communities
Bedrock Communities bought two manufactured home communities in Riviera Beach, Fla.
Tampa-based Bedrock bought a total of 303 mobile home sites at 3030 Broadway Boulevard and 3051 Broadway Boulevard, for $26,402 per home site. A company tied to Kansas City-based Mission Peak Capital sold the properties.
Bedrock secured an $8.8 million loan from RCC Real Estate to acquire the properties.
City to Annex MH Community
The city of Casper, Wyo., plans to annex a nearby manufactured housing community called Green Valley Mobile Home Park. The City Council passed a resolution on June 18 allowing the process to start.
One of the reasons the annexation initially was recommended was to boost Casper’s population ahead of the 2020 U.S. Census. The city estimates the property has a population of 260 people, which could generate $147,160 in sales tax revenue for Casper should the residents be counted in the 2020 Census.
The next step in the annexation process will be to notify property owners. The council would then pass another resolution to move forward with the annexation, allowing time for people to review the proposal.
Six Rock Acquires NC Community
Six Rock Properties acquired Oak Grove Park, a 107-site property in Dallas, N.C. This is the company’s first acquisition in Gaston County, N.C., and ninth overall acquisition of manufactured housing communities.
Founded in 2014 and headquartered in Charlotte, N.C., Six Rock Properties is a family-owned company that acquires, owns, and operates manufactured home communities.
Grandbridge Facilitates Refinance
Grandbridge Real Estate Capital facilitated a cash-out refinance for a 292-site manufactured home community in Sonoma, Calif.
Newport Beach, Calif.-based vice presidents Hunter Curtis and Taylor Curtis originated the transaction for a first-time client. The nonrecourse financing was structured with a fully amortizing term and funded through one of Grandbridge’s insurance company correspondents.
The loan was secured by an undisclosed, age-restricted manufactured housing community in Sonoma County.
LCI Italy Acquires Lavet
LCI Industries, which supplies highly engineered components for original equipment manufacturers of leisure vehicles and mobile transportation, announced that its subsidiary, LCI Italy, has acquired Lavet, a manufacturer of window blind systems in Siena, Italy.
The acquisition of Lavet will allow LCI to expand its product portfolio in key, in-demand categories for LCI’s customers. LCI and Lavet have worked closely with one another for years to service manufacturers of European leisure vehicles, which has helped LCI gain valuable insight into Lavet’s management team and product offerings.
KMHI Names Community of the Year
Riverbend Pointe, a Flagship community in Owensboro, Ky., has been named 2019 Community of the Year by the Kentucky Manufactured Housing Institute (KMHI).
Kurt Keeney, CEO of Flagship Communities (formerly SSK Communities), purchased Riverbend Pointe in 2015 in a state of disrepair. Older, abandoned homes were removed and replaced with new homes. Riverbend Pointe was selected for the award based on the owners’ exceptional dedication and determination in regard to the manufactured housing industry, according to KMHI.
Alabama Park Purchased
A Boca Raton-based real estate group paid $825,000 for Happy Acres Mobile Home Park in Elberta, Ala., according to Alla Nikitina of Hosteeva Realty, who represented the buyer. Renea Beasley of Sperry CGA, The Andrews Group, worked for the seller.
Owner Sells Park to Residents
ROC USA Network worked with Dale Strom, a second-generation owner, to sell Riverbend Mobile Home Park in Clatskanie, Ore. Strom owned and operated Riverbend for 12 years. His father owned and operated his own park years earlier.
Strom realized his family’s legacy could be helping to secure the futures of long-time customers by selling them the neighborhood. He received fair-market value, $1.7 million, for the park, and now those customers have a safe, affordable place to live for decades to come, according to ROC USA.
Cary Monroe Retires
Cary Monroe retired as head of the firm of Monroe & Giordano on May 31.
Monroe entered the finance field in 1974 after graduating from the University of Georgia with a degree in real estate.
In 1991, Monroe was the head of Southeast lending for a California bank when he noticed mortgage banking groups shunning manufactured home community loans. He moved from Atlanta to Tampa to take advantage of this niche. He added Mike Giordano and Matt Gentile to the team. Monroe & Giordano has closed over $3 billion in transactions.
James “Jimmy” Russell Kinser Jr., 66, of Duffield, Va., died June 28 after an apparent heart attack.
Kinser was born and raised in Norton, Va. He worked in the manufactured home industry for over 40 years. Kinser’s career began in the delivery and set up of homes. He then worked in the service department, eventually becoming a salesman, and was promoted to general manager at Glenn’s Finer Homes. He worked for other manufactured home lots as a manager and owner in southwest Virginia and northeast Tennessee, but later returned to Glenn’s Finer Homes in Norton as vice president and general manager.
Kinser earned several awards and achievements over the years.
Antonino “Tony” Ruggirello, died July 2 at the age of 84. The founder of AJR Development and a friend to the Michigan Manufactured Housing Association, Ruggirello was born in Detroit and lived in southeast Michigan.
Ruggirello was the father of Tony (Rose) and Jerry (Sania), and grandfather of Nino (Lauren), Tony, Maria, Gina, Juliana, Joe, and Ava. He was the brother of Antonio A. “Toto” and the late Joseph and Louis.