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Just the news this week.
Enjoy!
What We Are Reading
The Goods - Manufactured Housing
Mobile Home Park Case Study: How to Generate a 24% IRR While Revitalizing an Affordable Community
We bought Frontier Urban Village, a 44 unit 55+ manufactured housing community, for $2,725,000 in 2018. It just appraised at $5,360,000--i.e. double what we paid for it. If we sold it today at the appraised value, we'd generate a 24% IRR and a 2.7x equity multiple for investors.
National Sales Report - August 2022
28 properties sold nationwide including 3,933 sites. With $71,109 average price per site total sales volume hits $292M.
Why Landlords Should Charge Market Rent (and Why the Affordable Housing Crisis Is Not a Landlord Problem)
We published a post recently about investing in mobile home parks, not terribly different from a post we ran about it in 2015. The reaction to the post in the comments section and across social media, however, was dramatically different. Part of that may come down to tone, writing style, and specific words used or actions described.
For Utah mobile home residents, rezoning and redevelopment are often unstoppable forces
Residents at Lesley’s Mobile Home Park in Riverdale were devastated when they received a formal notice to leave by May 31, 2023.
‘It never made sense’: Rezoning advances, dealing blow to mobile home park plans near Ann Arbor
A dense mobile home park bringing hundreds of new units doesn’t belong along U.S. 23 north of Ann Arbor.
Cove Communities Nears Deal for Mobile-Home Rival Blair
The companies are in discussions regarding a transaction that values Blair at $1 billion or more. The transaction hasn’t been finalized, and talks could still fall apart.
As residents struggle with rising rent, North Idaho manufactured home park is no exception
Housing advocates say few options exist that help preserve mobile homes as affordable housing.
Copperas Cove issues cease and desist order for mobile home park’s water system
An active sewage spill at a Copperas Cove mobile home park has led to the city issuing an emergency cease and desist order, city officials said Tuesday afternoon.
General Real Estate News
Regulatory and Affordability
Charts Making Us Smarter
Public Markets Corner
LEGACY HOUSING CORP Management's Discussion and Analysis of Financial Condition and Results of Operations. (form 10-Q)
Legacy Housing Corporation builds, sells and finances manufactured homes and "tiny houses" that are distributed through a network of independent retailers and company-owned stores and are sold directly to manufactured housing communities.
Committee being formed to review Henderson’s Island District zoning laws
A committee is being put together to review the zoning of the Island District after residents voiced concerns about Sun Communities, which owns Association Island, potentially expanding campgrounds onto nearby Hovey’s Island.
Deals We’re Reviewing
EMERALD III, Mobile Home Park
5600 W Kilgore Ave, Muncie, IN 47304
Units: 102
Pads: 102
Lot Size (acres): 19.2
Price/Pad: $26,960.78
Video Gallery
Gap in affordable housing continues to grow in Mecklenburg County | Watch Video ▶
Podcast Picks
Social Section
Sponsored By —
Elevation Capital Group, and its affiliates, (“Elevation”) focuses exclusively on two niche property types: Mobile Home Communities and Self Storage Facilities. Elevation, through its affiliates, has acquired properties worth more than $600 million and has owned more than 200 properties across more than 30 states. To learn more about Elevation and their current investment offering, click here.
Contact us at [email protected] for sponsorship inquiries.