It was a busy week in the manufactured housing news space. Not surprisingly, the irony of parks, rents, rules and redevelopment continues. One blurb from a local Orlando news article stuck out (link here).

Let’s get one thing straight:

Raising rents without improvements = BAD

Raising rents to improve a community = GOOD

If all of this sounds crazy to you then you either A) don’t believe in free market capitalism (aka you’re a Communist/Socialist), or B) ignore articles such as Austin Monitor’s Mobile home park residents challenge developer after receiving 60-day notice to vacate (link here).

Compassion for residents? Yes. Balance of rent increases? Yes. Status quo? No. Without the first two, Big Brother will come for you. There was a North Carolina bill (link here and summary here) that was recently defeated which proposed the following:

It would direct the NC Human Rights Commission to set up a dispute resolution program and enforcement program, require forced mediation, require community owners to pay for cost of moving tenants, restrict the community owners right to sell property, require the community to host HOA’s/renters group meetings, restrict community owners right to rent lot, require fees for Human Rights Council to monitor complaints, and many more stringent regulations.

Now, look at the proposals in Michigan outlined in an article this week (link here). Here’s the punchline:

"It would also enact licensing regulations, creating a database of mobile home park owners and refusing licenses to those with a history of “unjustifiable rent increases.”

Thanks for reading.

What We Are Reading

From the Headlines

The Goods - Manufactured Housing

SECO22 Registration Opens for Small to Midsize Manufactured Housing Community Owners - Live and In Person!

This year's SECO National Conference of Community Owners marks the return to a live, in-person format, which will take place at Stone Mountain Park in Atlanta, Ga., at the Atlanta Evergreen Marriott Conference Resort from Oct. 3-6, 2022.

Colorado's mobile home parks are becoming a lucrative business, but not for residents

For decades, mobile homes have been a sweet spot in home ownership. They provide an opportunity to own a home at much lower prices than traditional single-family homes.

San Diego finally gets OK to transform decaying mobile home park into Mission Bay campground

San Diego can move forward with the long-awaited removal of 150 decaying mobile homes in northeast Mission Bay now that the state’s Coastal Commission has approved converting the area into campsites and open space.

Riverside County holds next OASIS Mobile Home Park community meeting July 27

Residents of Oasis Mobile Home Park and members of the community are encouraged to attend the next community meeting, to be held at 6 p.m. Wednesday, July 27, to discuss efforts, utilizing a $30 million state grant, to provide relocation assistance to families to improve their living conditions.

Stringham Drive residents sound off against Country Meadows mobile home park expansion

A proposal to expand the Country Meadows Manufactured Homes Community on Clinton Street Road in the Town of Batavia is not sitting well with the residents of nearby Stringham Road.

Rezone for homes? Public hearing Tuesday evening planned for former Dawson Ridge golf course

Michigan Avenue resident Annette Windsor questions developer Nathan Whittaker during a Mansfield Planning Commission on May 25. Windsor was one of six residents who spoke against Whittaker's plan to put a 300-home development on the former Dawson Ridge Par & Pub golf course.

Why Family Offices Should Consider An Overlooked Asset Class

Family offices looking for a hedge against inflation should consider the most stable segment of the real estate market, the author of this article argues.

Modular home manufacturer chooses Greensboro as launching pad for US market

The manufacturing revival in the Triad is set for another Back to the Future moment with the pending arrival of an international modular home manufacturer. Privately held Vantem Global Inc. has chosen Greensboro as the launching pad for a U.S. rollout of up to 15 plants by 2030.

Lumberton completes nearly $2M sewer overhaul at mobile-home park

A nearly $2 million sewer-improvement project at a mobile-home park in Lumberton has been completed, and one homeowner said the project has him feeling relieved.

3 CRE assets investors are eyeing and the driving factors behind their growth

With close to $380 billion of capital awaiting investment, commercial real estate investors are eyeing asset classes that are seeing heightened attention due to macro trends taking place across the country.

Spencer mobile home park owner and resident pursue legal action against city following power shutoff

The owner of a Spencer mobile home park and a resident of the park have gone to court seeking an injunction against the City of Spencer amid an ongoing dispute over conditions at the park and the disruption of electrical service.

General Real Estate News

• Apartment and Warehouse Deals Start to Sputter as Rates Sting. Click here to read →

• Blackstone draws over $24 bln commitments for latest real estate fund. Click here to read →

It’s the Economy, Stupid

• Recession Now Appears the Price to Pay for Beating Inflation. Click here to read →

• Jobless claims rise again in another sign that labor market is cooling. Click here to read →

• Blackstone Sees Fed Funds Rate Near 5% on Longer Hiking Cycle. Click here to read →

• AT&T Warns That Customers Are Slower to Pay Monthly Bills. Click here to read →

Regulatory and Affordability

• HUD affordability plan doesn’t include lowering FHA premiums. Click here to read →

• Fannie and Freddie unveil Underserved Markets Plans for California. Click here to read →

• New York tried to make apartments affordable. The opposite happened. Click here to read →

• Denver City Council Approves Major Affordable-Housing Policy. Click here to read →

• Only Radical Changes Will Make Rents Affordable. Click here to read →

• A new study says the housing market is largely to blame for Portland’s homeless crisis. Click here to read →

• Plight of ‘boondockers’ embodies Grand County affordable housing crisis. Click here to read →

Charts Making Us Smarter

Public Markets Corner

Equity Lifestyle Properties FFO of $0.64 misses by $0.01, revenue of $365.31M beats by $34.02M

• Equity Lifestyle Properties press release (NYSE:ELS): Q2 FFO of $0.64 misses by $0.01.

• Revenue of $365.31M (+10.7% Y/Y) beats by $34.02M.

• Q3 Guidance: Core MH rate growth 5.3% to 5.5%; Core RV Annual rate growth 6.6% to 6.8%; Property operating revenue growth rate 4.3% to 4.9%; EPS $0.37 to $0.43; Normalized FFO $0.66 to $0.72.

• 2022 Guidance: Core MH rate growth 5.2% to 5.4%; Core RV Annual rate growth 6.4% to 6.6%; Property operating revenue growth rate 5.4% to 6.4%; EPS $1.54 to $1.64; Normalized FFO $2.68 to $2.78.

Recent Acquisitions

MAR Companies is excited to announce our acquisition of the Windsong Mobile Home Park located in Apache Junction, AZ.

Broadview Communities LLC is excited to announce the acquisition of a 5-park 256 lot manufactured home community portfolio.

Sunstone is pleased to announce the sale of Keokuk MHP located in Iowa.

Wealthward Capital's first acquisition in the Evergreen Income 1 Fund has CLOSED.

Great new acquisition for Goldside Capital.

HARRI5 CLOSED Las Quintas Oasis RV/Park Model Resort, Yuma, AZ.

Recent Financings

Northmarq finalizes refinancing of Eldorado Estates Mobile Home Park in St. Peters, Missouri

David Garfinkel, senior vice president/managing director of Northmarq’s St. Louis debt/equity team, arranged the refinancing of Eldorado Estates Mobile Home Park. The 400-space class B mobile home park was built in 1971 and is located at 1 Eldorado Court in St. Peters, Missouri. Northmarq secured the permanent-fixed loan for the borrower, C. Burton Leve Properties, L.L.C., through its correspondent relationship with a life insurance company.

Deals We’re Reviewing

Pad Count: 296 | Occupancy: 68% | TOH: 174 (59%)

Two MHC Portfolio's, North Carolina and Georgia

Video Gallery

Facing Eviction (trailer) | FRONTLINE | Watch Video ▶

Affordable Housing Crisis | Watch Video ▶

How do you install a manufactured home? Step by step | Watch Video ▶

Dylan Marma: Investing in Mobile Home Communities and RV Campgrounds | Watch Video ▶

Podcast Picks

• Working with the Community to Improve and Build a Portfolio. Listen Now →

• 24 Mobile Home Parks in 2 Years with Charlotte Dunford. Listen Now →

• 24 Mobile Home Parks in 2 Years with Charlotte Dunford. Listen Now →

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