Mobile Home Park News: June 2017

Michigan Manufactured Housing Community Financing Provided by Capital One - $15.3M Loan

Country Acres Village, a 55+ community comprised of 320 spaces, is in Kalamazoo, Michigan and closed this month with an acquisition loan of $15.3M provide by Damon Reed of Capital One. Amenities include a recreation building, fitness center and an indoor pool and spa. The loan was fixed on a 30-year amortization schedule with a balloon at 10 years.

https://rebusinessonline.com/capital-one-provides-15-3m-acquisition-loan-for-manufactured-housing-community-in-kalamazoo-michigan/

Affordable Housing Surge in Result of Trump’s Reaffirmation of Commitment to Working Class

Of the top performing real estate sectors of 2017, Manufactured Housing proves to be of the best. Up 20% year-to-date and up 100%+ over the past three years.

Residents of Manufactured Housing and RV Communities are typically blue-collar workers in rural areas; this group is seeing a tremendous amount growth in economic confidence since Trump was elected. This renewed economic confidence is resulting in better new home sales and a willingness to own as opposed to renting: very promising with an increasing desire to own a home and REIT’s high returns on operating primarily tenant-owned communities.

https://seekingalpha.com/article/4082582-affordable-housing-sector-surged-trump-reaffirms-commitment-working-class

Tennessee Mobile Home Park Planning New Condo Development

A community in East Nashville, located off Meridian Street, is set to redevelop and construct over 150 new units on the existing property. Rochford Realty Group and Construction Company currently has the park under contract.

The plan includes 108 condo flats, 44 townhomes and 6 duplexes as has the flats pricing at $170,000 off the bat. However, the new development forces the current residents to move…

http://www.newschannel5.com/news/new-condo-development-planned-at-site-of-mobile-home-park

Residents of a Kalispell Community Purchase Park

There are only 202 mobile home parks in the United States that are completely owned by the residents that reside within. This month, Morning Star Community Homes was purchased for $1.55M, making this park the second resident-owned community in Kalispell. The property consists of 41 mobile homes and is found next to Green Acres, the first resident-owned community in Kalispell, directly on Woodland Drive.

http://www.dailyinterlake.com/article/20170613/ARTICLE/170619949