Category: Manufactured Homes

Blackstone to Boost Mobile-Home Bet With $550 Million Deal

The firm is in negotiations to acquire about 40 mobile home parks, most in Florida, from Summit Communities.

(Bloomberg)—Blackstone Group Inc. is pouring more cash into mobile-home parks, a corner of the commercial real estate market that is holding up in the pandemic.

The alternative asset manager is in exclusive talks to acquire roughly 40 parks from Summit Communities for about $550 million, according to people with knowledge of the matter. The majority of the properties are located in Florida, said some of the people, who requested anonymity because the transaction isn’t public.

Real estate investment trust Sun Communities Inc. was among the bidders for the Summit portfolio, some of the people said.

Blackstone is set to make the investment through a vehicle known as Blackstone Real Estate Income Trust, or BREIT, and plans to spend money upgrading the properties, including shared facilities such as swimming pools, one of the people said.

“Though our investments in this asset class are very limited, we are proud to partner with a best in class operator and plan to invest significant capital into these communities – which are largely occupied by seasonal residents and retirees – to create high quality housing in places where people want to live,” a representative for Blackstone said in a statement.

The deal, which isn’t final and may still fall through, comes after Blackstone invested in mobile-home parks earlier this year. The New York firm paid around $200 million for seven parks, mostly in Florida and Arizona, owned by Legacy Communities, according to people familiar with that deal.

Representatives for Summit, Sun and Legacy didn’t immediately respond to requests for comment.

Click Here For The Full Article

SUBSCRIBE TO OUR NEWSLETTER

Start receiving; press releases, commercial real estate news, information and trends on particular markets and regions.


Picture: Pixabay

Not Your Grandfather’s Mobile Home Park

The investment opportunities in the mobile home sector have grown enormously in recent years.

What other multifamily rental property type enables investors/owners to collect monthly rental homesite lease payments; PITI home loan payments; and when present, apartment rent on homes sited throughout this unique, income-producing community?

Answer: None!

That’s the reality of today’s ‘land lease community’–a contemporary trade term used to account for more than six types of shelter commonplace in this property type nationwide. No longer just ‘mobile homes’ & ‘manufactured homes’ on-site, but also modular homes, park model RVs, RVs for a season, stick-built homes erected in-community to imitate manufactured homes; and of late, the occasional Tiny Home or other Accessory Dwelling Unit (‘ADU’).

Click Here For The Full Article

SUBSCRIBE TO OUR NEWSLETTER

Start receiving; press releases, commercial real estate news, information and trends on particular markets and regions.


Picture: Pixabay

“Mom-and-Pop” Manufactured Home Communities Might Be the Next Frontier for Investment in the Sector

As institutional players take over larger communities, smaller investors can benefit by looking at communities with under 100 home sites.

Industry experts see plenty of room for growth in the manufactured home communities sector, particularly among the smaller properties.

Often referred to as mobile homes or trailers, manufactured home communities are, in fact, a specific type of factory-built housing, constructed in accordance with the U.S. Department of Housing and Urban Development’s (HUD’s) Manufactured Home Construction and Safety Standards Code. They should be distinguished from RVs, trailers and park-model homes.

Manufactured homes are an important source of affordable housing, particularly for rural and low-income residents, according to experts.

Click Here For The Full Article

SUBSCRIBE TO OUR NEWSLETTER

Start receiving; press releases, commercial real estate news, information and trends on particular markets and regions.


Picture: Pixabay
Scroll to top
error: Content is protected !!