5 minute read
Industry Happenings
by MHInsider
Transactions California Group Purchases Florida Park
A West Palm Beach, Calif., manufactured home community was purchased for nearly $40 million in a joint venture between BoaVida and Nella, both based in California. The community, Holiday Ranch, is in West Palm Beach and has 274 homesites.
RHP Properties Buys Three Wisconsin Communities
Michigan-based RHP Properties has purchased three manufactured home communities in Fond du Lac, Wisc., with a total of 455 homesites. The communities are Gaslight Terrace, Green Meadows, and Lakeshore Terrace. The properties have a variety of amenities including playgrounds, picnic areas, ponds and fishing docks, off-street parking, and RV storage.
“Our recent acquisitions in Fond du Lac add to our portfolio of affordable home communities in sought-after locations poised for job growth,” company CEO Ross Partrich said. “We pride ourselves on creating well-maintained communities that fit the lifestyle and budget of residents and look forward to bringing our expertise here.” Northern California Community Sells for $40 Million
A San Jose community with 315 homesites was purchased in late 2022 for about $40 million. Rancho Santa Teresa Mobile Home Estates was purchased by a family trust administered by John Worthing and Margaret Worthing. The community sits on 34 acres and has a clubhouse, swimming pool, walking paths, and a barbecue pit.
Residents Raise Money to Buy Steamboat Springs Community
The Yampa Valley Housing Authority paid more than $3 million to buy Whitehaven, a manufactured home community in Steamboat Springs, Colo. Residents raised money to support the purchase, matching an offer from an outside buyer. “I’m just so thankful for this community and those donors that gave so much money,” resident Jake Dombrowski said. “It really enabled us to do this with the housing authority.”
N.J. REIT Expands Credit Facility
UMH Properties has created two new tranches within its Fannie Mae credit facility through Wells Fargo
Bank for approximately $34 million. The “community tranche” has four properties and the “home tranche” consists of about 250 community-owned homes from the four communities. Each has a loan term of 10 years with the community side amortizing over 30 years and the home tranche amortizing over 17 years. The interest is fixed at 5.24 percent. Proceeds will be used to invest in additional acquisitions, expansions, rental homes, and other general corporate purposes.
Clayton Celebrates 10 Years of Selling TRU
Clayton Home Building Group® is celebrating the 10-year anniversary of TRU Homes, an effort to transform the housing industry in 2012 by creating a new segment of more affordable homes. In that time, the company has built and sold nearly 100,000 TRU homes in 36 states.
Oregon County Lowers Tax Burden on Manufactured Home Owners
Commissioners in Multnomah County, Ore., voted unanimously to lower taxes for manufactured homeowners in an attempt to protect affordable housing in the area. Commission Chair Person Deborah Kafoury said the change addresses a disproportionate and inequitable financial burden on those homeowners, and will “help people be more stable and secure in their housing”. Previously, taxes were levied on manufactured homes valued at more than $38,000, and the new measure makes the first $50,000 in value on manufactured homes tax-free.
Commercial Real Estate Broker Expands Into Manufactured Housing
SkyView Advisors, a leading commercial real estate brokerage firm, has expanded into the manufactured housing industry. The company is fully-digital and operates nationwide with a significant market share in the self-storage industry. Founders Jay Crotty and Ryan Clark developed a proprietary, 252-point transaction process that guides a business model for a seller. “The need for affordable housing options in several major markets will continue to drive overall demand for the asset class. We will continue to utilize our proprietary system to exceed expectations and deliver extraordinary value in a constantly evolving marketplace,” Crotty said. For more information, visit skyviewadvisors.com.
Personnel Fannie Mae Appoints Executive
Fannie Mae has appointed Cissy Yang as senior vice president and chief audit executive to lead the company’s audit strategy, including internal controls, operational processes, and key risks assessments. Yang has 25 years of experience spanning both internal and external audits across the financial services sector, leading multi-disciplinary teams in development of effective internal control and audit frameworks across large financial institutions. She replaces J. Douglas Watt, who retired from the position in November.
Champion, Star Fleet Trucking Featured on Lifetime Show
“Military Makeover: Operation Career”, a television show on Lifetime hosted by Montel Williams, in November featured Champion Homes and Star Fleet Trucking. The show highlights how military veterans continue to make a difference in civilian life, in this case through the production and delivery of new homes in the United States. Armed services veterans and Champion/Star Fleet colleagues Trish Nowak, Scott Kennemuth, and Ron Baer, Jr. are featured in the show. Each share their personal journey, including »
how joining the Champion Homes and Star Fleet Trucking teams have made a meaningful impact on their lives, and their co-workers' lives. The episode includes behind-the-scenes looks at how Champion homes are built, sold, and serviced. “We welcome and are honored to have veterans on the Champion Homes and Star Fleet Trucking teams,” said Mark Yost, president and CEO of Skyline Champion. “As a company building quality homes for hard-working Americans, employing veterans is integral to our mission.”
Gov. Gretchen Whitmer appointed six new commissioners to the state’s Manufactured Housing Commission. The new commissioners are Martin Boisture, of Spartan Properties, Domonique D. Clemons, of Flint, a Genesee County Commissioner, Veronica D’Hondt, vice president of operations for YES Communities, Dan Grant, the vice president of sales and business development for Skyline Champion Corporation, Jennifer M. Letourneau, a customer service manager for Michaels,and Kimberly A. Scott, senior vice president of acquisitions and transition for Cambio Communities. The commission is responsible for establishing uniform policy relating to all phases of manufactured housing, business, manufactured housing parks, and seasonal manufactured housing parks.
Industry Giving YES Team Members Volunteer at Community
Team members from YES Communities spent time in Oak Hill Estates, in Holly, Mich., to improve a resident’s home, a volunteer effort that included a new coat of paint, a new access ramp, and a new furnace and central air conditioning unit. Hug-A-Home is a program developed to assist residents through funding and allocating volunteer time to offer help to deserving residents. Employees donate hundreds of hours of time to serve their own communities and help those who need it most. MHV
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