MHC News 01/11/2024
Brookfield Asset Management Sells Slice Of Its Manufactured Housing Portfolio For $325M - Bisnow
Brookfield Asset Management has sold 19 manufactured housing communities in the U.S. for $325M to an unidentified buyer, resulting in a return of about 24% for the investment giant. The communities, totaling 3,166 home sites, are in seven states. The company began acquiring manufactured housing in 2017 and bought more in 2021. In recent years, Castle Park Investments formed a $500M JV equity partnership with a private equity firm to invest in manufactured housing, RV resorts, and campgrounds nationwide. JLL Capital Markets arranged over $300M in financing for a deal involving over 40 manufactured housing communities in six states, representing more than 10,000 home sites. Brookfield is also interested in purchasing distressed debt tied to housing properties, having finalized a deal for a portfolio of loans tied to over 2,000 apartment units in San Francisco.
Clayton commits to build all manufactured homes to DOE Zero-Energy specifications by January 1, 2024 - ManufacturedHomes.com
Clayton, a builder of affordable housing, successfully implemented its plans to construct all new residential manufactured homes to Department of Energy (DOE) Zero Energy Ready Home specifications by the targeted date of January 1, 2024. These solar-ready homes, made available for order in July 2023, now feature enhanced energy efficiency, effectively reducing energy costs for homeowners. Manufactured in certified facilities, these homes incorporate advanced features such as the Rheem hybrid heat pump water heater, low-E windows, SmartComfort by Carrier high-efficiency heat pump or gas furnace, ENERGY STAR certified appliances, LED lighting, ecobee smart thermostat, and additional insulation. Notably, Clayton has achieved its goal of certifying 39 manufacturing facilities nationwide by January 1, 2024, underscoring its commitment to widespread adoption of energy-efficient and environmentally friendly housing solutions.
Northmarq’s Baltimore office brokers sale of 159-lot manufactured housing community in Southern PA - MAREJ
Northmarq's Baltimore office has sold Big Spring Terrace, a 159-lot manufactured housing community in Newville, Pennsylvania. The property, located 36 miles west of Harrisburg, was sold by Big Spring Properties. The sale was closed by associate Anthony Pino and senior VP Ari Azarbarzin. Pennsylvania has the largest inventory of manufactured housing units in the Northeast, with a current occupancy rate of 93.7%. The all-ages community, built in 1975, offers spacious sites, off-street parking, wide streets, community activities, extra vehicle storage, and an on-site office and manager. The new owners are expected to serve as excellent stewards for the community and build upon the legacy of previous owners.
Mobile Home Park Finds Buyer in Brawley - Connect CRE
Marcus & Millichap successfully closed the sale of Malan Mobile Home Park, a 56-space manufactured home community situated in Brawley, fetching a total of $3,049,500. Dustin B. Wilmer, VP investments at Marcus & Millichap's San Diego Del Mar office, noted, “Malan Mobile Home Park is well maintained with historical occupancy, making it a perfect fit for the buyer, who manages over 60 mobile home and RV parks. The previous owner ran the park efficiently, and the new owner intends to maintain business as usual while implementing minor amenity additions.” Wilmer, along with Douglas Danny, senior managing director investments in the San Diego Del Mar office, handled the property's marketing on behalf of the seller, Malan LLC, who is now set to enjoy retirement in Hawaii. The buyer, a private investor, was also secured by Danny and Wilmer. Wilmer added, “The 80% bonus depreciation offered in 2023 was a significant motivating factor for the incoming buyer’s purchase.”