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Drama in the mobile home park...Hedge fund buys mobile home park and jacks rents above market? Check. Class action suit by residents? Check. Landlord retaliating by not paying the park’s water bill? Check.
Scary, scary stuff.
What We Are Reading
The Goods - Manufactured Housing
Lawsuit filed against private equity firm raising mobile home park rents — Princeton, WV
A lawsuit has been filed in Mercer County on behalf of mobile home residents facing big increases before Christmas in their lot rents with little hope of finding new locations or raising the money needed to move their homes.
Mobile home park residents in Montgomery County sue new owner over water shutoff — Montgomery County, VA
Massie Mobile Home Park was recently purchased by a company linked to the Alden Global Capital hedge fund. An attorney for residents said she believed they could prove the water shutoff was “willful,” which would entitle tenants to damages.
Sunrise Village mobile home park fined for wastewater discharge into Johnson County creek — Iowa City, IA
Owners of a mobile home park near Iowa City have agreed to pay an $8,000 fine after multiple violations since 2020 for discharging wastewater into a tributary of Snyder Creek, which feeds into the Iowa River.
Mobile home landlord downplays AG's letter — Saratoga Springs, NY
After what it calls “a number of complaints,” the state attorney general's office has ordered a landlord of a mobile home park on Saratoga Lake to “cease and desist your harassment of tenants.”
Mobile home tenant alleges injuries after front porch collapsed — Edwardsville, IL
A tenant at a mobile home park claims the property owners fixed her porch with defective materials, causing her to fall through her porch and suffered injuries.
Council sends rezoning application for North Shore mobile home park to public hearing — Fort Wayne, IN
A rezoning application to expand a mobile home park on the North Shore has been sent to a public hearing.
The owner of Apple Valley Mobile Home Park Ltd., located at 1375 Ord Road, has entered into a sales agreement to purchase surplus land from CN Rail.
RHP Properties donates $10,000 to No Kid Hungry on Giving Tuesday to help end childhood hunger — Farmington Hills, MI
To celebrate this year's Giving Tuesday, RHP Properties, the nation's largest private owner and operator of manufactured home communities, has donated $10,000 to No Kid Hungry, a national campaign committed to ending childhood hunger in the U.S. This marks the third donation by RHP to the organization, bringing the total to over $33,000.
YES Communities Donated Thanksgiving Meals to Resident Families Across Western Michigan — Kalamazoo, MI
Every year YES Communities hosts community events to provide residents with a sense of belonging and the opportunity to get to know others that share their common interests.
Crystal View Capital Closed Third Fund Upon Raising $140 Million Due to Investor Demand — Las Vegas, NV
Las Vegas is not what investors typically think of when considering which private equity firm to place their capital into, but Las Vegas-based private equity firm, Crystal View Capital has announced closure of its third Fund, Crystal View Capital Fund III ("Fund III") to new subscriptions as of October 19, 2022.
General Real Estate News
It’s the Economy, Stupid
Regulatory and Affordability
Rent control expands as tenants struggle with the record-high cost of housing. (Link)
100 House Members pledge support to 'Neighborhood Homes Investment Act' to expand affordable homeownership opportunities and revitalize communities. (Link)
One of Philly’s last high-rise public housing sites may be preserved, with nearly 700 units added. (Link)
Why half of affordable housing vouchers in CT go unused: ‘A slamming door in my face’. (Link)
Charts Making Us Smarter
Public Markets Corner
UMH Starts a New Self-Storage Business in Marysville, OH
UMH has started a new self-storage business in Marysville, OH. The company is hoping to meet the growing demand for self-storage units.
UMH Launches Their New Self-Storage Business in Elkhart, IN
UMH, a self-storage company, has recognized the need and is excited to announce the opening of their newest self-storage location in Elkhart.
Sun Communities, Inc. Announces Dates for Fourth Quarter 2022 Earnings Release and Conference Call
Sun Communities, Inc. (NYSE: SUI) (the “Company”), a real estate investment trust (“REIT”) that owns and operates, or has an interest in, manufactured housing (“MH”) communities, recreational vehicle (“RV”) resorts and marinas, today announced the dates for its fourth quarter 2022 earnings release and conference call.
Recent Acquisitions
GSC Investments Buys 132-Unit Martha Lake Mobile Manor in Lynnwood for $18.3MM
Arizona company pays nearly $500 million for Florida properties
Mueller & Hoffman is pleased to announce the sale of Sunnybrook with 143 manufactured home sites located in Berwick, IA
HARRI5 CLOSED!! Phoenix MSA MHC Community, 55+ Community, 5-star, Community
Video Gallery
Fire breaks out, destroys mobile park home in Clarkston
The first mini home for KCK's Eden Village has arrived
South Fulton Section 8 renters scramble to find housing after sudden eviction notices
How progressives' grand plans for subsidized housing have harmed African Americans
Couple downsize into Tiny House for affordable living in dream town
Podcast Corner
The Lead Sponsor Podcast Replay – An Interview With Ryan Smith
Social Section
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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.