STAR gives local mobile home communities an upgrade.

Riding the current trend1 and touting the tagline, “Improving neighborhoods one house at a time,” Second Time Around Realty Inc. (STAR)2 has brought its proven methodology for breathing life into neglected and under-served communities into central Wisconsin’s mobile and manufactured home communities (MHC).

 “We’re on a mission!” says Mark Roeker, the managing partner and creative genius behind STAR. “We believe that everyone deserves a peaceful, safe and well-maintained home at an affordable cost. That’s what a manufactured home and these communities are all about.”

Handling the demands of an entire community, however, requires skills and abilities beyond those of managing the single-family homes and duplexes that STAR has been overseeing in Milwaukee for nearly a decade.  For example, after acquiring Sunshine Estates (now Maizefield MHC)3 outside of Mosinee, WI in early 2017, an immediate cleanup was needed to remove 17 dumpsters of household waste, over 500 used tires and 30 overgrown trees. Other challenges involved working with a variety of contractors to repave roads, renovate eight homes and install a state-of-the-art water filtration system4 for the community before the bitter cold of winter set in. What couldn’t be foreseen was the existing underground plumbing system for the park going down that winter. When that happened, STAR employees and contractors responded quickly to find solutions and provide advanced levels of customer service to the residents. Managing the repair process included negotiating partnerships with various businesses as well as the alignment of the local municipality, the Fire Department, the WI Department of Safety Services and also the WI Department of Natural Resources.5 Completing the repairs at Maizefield MHC quickly, correctly and for the long-term benefit of its residents has led to a safe and consistent level of water quality unlike the community has ever experienced. It has also earned STAR praise and appreciation from several of its longstanding tenants6 and the agencies involved.

Maizefield MHC is one of several communities that STAR manages.  Others are located near Plover, Wisconsin Rapids, Chilton and Marquette. Each community is undergoing renovations of its own to bring it up to STAR standards. Lyndsey Wilson, Tenant Relations Manager for the MHC Department, says “Our communities are being designed as a perfect choice for budget-conscious individuals, or families, that want a fresh start or an opportunity to build credit. They’re also great for retirees living on a fixed income.”

Navigating the complex demands of mobile and manufactured home communities to encourage and promote a sense of safety, privacy, community and ownership is not easy. Second Time Around Realty Inc. is demonstrating that they are in it for the long-haul and this makes them a welcome addition to the Central Wisconsin area.

  1. https://www.realtor.com/news/trends/mobile-homes-next-prefab-affordablhousing-trend/

         http://time.com/4710619/the-home-of-the-future/

  1. https://www.starpropertymgmt.com/
  2. Website – http://maizefield-mhc.com/
  3. Video – https://www.dropbox.com/s/dwx0xybxfmwha5g/Maizefield%20Advertising.mp4?dl=0
  1. http://waterpurification.pentair.com/en-US/product/fleck/2510/

US Water – https://www.uswater.com/

  1. Joe’s Home Improvement

France Sales and Service – http://www.francesalesandservice.com/

PGA, Inc. – https://www.pgainc.net/

Ferguson – http://www.fergusonbrothersexcavating.com/

Town of Knowlton Fire Department, Tim Meiser

City of Mosinee, Mosinee High School

Menard’s

WI Department of Natural Resources – https://dnr.wi.gov/about/divisions/EM/

  1. Testimonials – http://maizefield-mhc.com/for-rent

 

Article Author: David Bertnick

Company Contact: Mark Roeker

 

Second Time Around Realty Inc.

3121 W WISCONSIN AVE STE 3

MILWAUKEE WI 53208

(414) 539-6255 Office

(414) 755-0792 Facsimile

info@starpropertymgmt.com

 

STAR’s Mission Statement

At Second Time Around Realty Inc. we are proud to work as a team to achieve a return on investment for our partners by providing quality residences for our tenants at a fair price while improving neighborhoods, being leaders in the housing / rental industry, and being responsive to the needs of the community.

WHY THE BREXIT VOTE IS GOOD FOR THE MOBILE HOME PARK INDUSTRY

The U.K. has voted to exit the E.U. That’s a lot of initials. But there’s one more: that’s “O.K.” with mobile home park owners. Indeed, Brexit is a great thing for the mobile home park industry, which makes big gains as a result, with virtually no downside. So if Brexit is thought to be the beginning of the end of the free world – and the stock market is certainly demonstrating that today – then why are mobile home park owners smiling?

IT WILL STOP ANY U.S. INCREASE IN INTEREST RATES

Ever since the Great Recession began in 2007, mobile home park owners have been enjoying one of the lowest – and most stable – interest rate environments in American history. Low rates makes for low borrowing costs. The reason that mobile home parks have such high cash-on-cash returns (often 20% or more) is the spread between cap rates and borrowing costs. A roughly 3 point spread equals a 20% return. The current low interest rates allow for up to 6 point spreads. Janet Yellen, with the Fed, had been boasting that she was going to raise interest rates soon. Back to the drawing board, Janet.

IF IT TRIGGERS U.S. RECESSION, THAT’S THE BUSINESS WE’RE IN

The mobile home park business is all about affordable housing. We are the only form of detached dwelling that an American family can live in for around $300 to $700 per month. Apartments in the U.S. average $1,300 per month, and single-family homes have a median of around $200,000. As the economy decline, the demand for affordable housing increases exponentially. That’s why any headline that has “recession” or “depression” in it is good for the mobile home park business – that’s the fuel that makes it generate even greater profits.

WE DON’T DO ANY INTERNATIONAL BUSINESS

Mobile home parks, as we know them, only exist in North America, with about 90% of them in the U.S. Mobile home park owners do not export a product, nor do they import anything. It’s all 100% made in the U.S.A. Currency fluctuations are meaningless to park owners, as is the potential for world economic collapse. While Apple’s stock may decline at the mere mention of world events, mobile home park owners don’t even have to pay attention to such items.

OUR RESIDENTS DON’T HAVE JOBS IN THE INDUSTRIES EFFECTED BY BREXIT

The mobile home park industry serves, for the most part, those who earn around $10 to $15 per hour. The industries that are going to be the most depressed as a result of the Brexit vote are such sectors as banking – things that our tenants have no involvement in. If Citigroup lays off 5,000 office workers, the net effect in a mobile home park is zero. It’s also important to note that over 50% of every job created in the U.S. since 2007 is $10 per hour or under. Our residents’ employment opportunities are vast and secure.

CONCLUSION

The Brexit vote has come and gone. World markets are collapsing. There is fear and loathing throughout the media and business world. Mobile home park owners, on the other hand, look on the news as a good thing. Which camp would you rather be in?

Frank Rolfe has been a manufactured home community owner for almost two decades, and currently ranks as part of the 5th largest community owner in the United States, with more than 21,000 lots in 25 states in the Great Plains and Midwest. His books and courses on community acquisitions and management are the top-selling ones in the industry. To learn more about Frank’s views on the manufactured home community industry visit www.MobileHomeUniversity.com.

$6 Billion of Sales in 90 Days – What’s Going on with Mobile Home Parks?

There have been three transactions in the mobile home park industry over the past 90 days. And each one was around $2 billion. That’s right billion with a “b.” The three mobile home park portfolios were Carefree, Northstar and YES (which is so fresh that it’s still just a rumor). That’s six times more than the largest transaction in history to date, and all in just a few months. So what’s going on?

THE BOOM IN THE AFFORDABLE HOUSING BUSINESS

Mobile home parks are all about housing people at low cost, when compared to single-family homes and apartments. In many markets we serve, the median home price is $150,000, the average apartment rent is $1,200 per month, and yet they can live in a 3/2 and have a yard for only $600 per month. As the U.S. economy has declined over the past eight years (following the 2007 start of the Great Recession), it has made inexpensive housing a huge boom industry, just as it has propelled the “dollar store”. Essentially, the mobile home park business is “hot” right now, and has no signs of dissipating.

THE RISE OF CONSOLIDATION

Mobile home parks are the least consolidated of all commercial real estate sectors. Self-storage, which is the youngest asset class in real estate, is still three times more consolidated. The fact is that the industry is heading for significant consolidation, and these three large sales are evidence of this. There will, no doubt, be more to come.

THE END OF THE STIGMA WALL

Most people don’t think about investing in mobile home parks because they have been trained by the media to think that they are gross, or dangerous, or filled with street people. So basically, American investors are letting the likes of COPs, Jeff Foxworthy, Trailer Park Boys and Myrtle Manor hold them back from making 10% to 20% returns – pretty sad. Fortunately, large institutional investors are not swayed by television and urban legend, and starting to invest in that “other” form of multi-family.

THE ENTRANCE OF FOREIGN INVESTMENT IN THIS SECTOR

It’s worth noting that two of the three buyers in these transactions are foreign. One is from Canada and the other is rumored to be from Singapore. There have been no large transactions to date in which the buyers were not from the U.S. When you include the world stage, the potential buyers for mobile home park assets is unlimited.

THE STRONG RETURN LEVELS OF THE MOBILE HOME PARK INDUSTRY

Of course, what really is fueling these three gigantic transactions is cash flow. Mobile home parks have the highest yields of any form of real estate. That’s the same reason that we’ve been buying them for the last twenty years, and why we’ve grown to 5th largest in the U.S. Cash is king in real estate, and that’s what has put mobile home parks squarely on the radar screen.

HOW YOU CAN SHARE IN IT

Mobile home parks are an equal opportunity investment. There are parks that range from 10 lots to 1,000, and price points that run from about $30,000 to $30 million. You should learn the facts about this industry, and how you can get involved in it. There are around 44,000 mobile home parks in the U.S., and only about 4,000 of those are institutionally owned – so it’s a wide open playing field.

CONCLUSION

Mobile home parks have recorded $6 billion in sales so far in 2016. That’s an incredible number, and should serve as plenty of notice that the “trailer park” industry is far from what most Americans imagine. Learn the facts and decide for yourself.

Frank Rolfe has been a manufactured home community owner for almost two decades, and currently ranks as part of the 5th largest community owner in the United States, with more than 21,000 lots in 25 states in the Great Plains and Midwest. His books and courses on community acquisitions and management are the top-selling ones in the industry. To learn more about Frank’s views on the manufactured home community industry visit www.MobileHomeUniversity.com

WHY INVEST IN MOBILE HOME PARKS

From the New York Times to Bloomberg, mobile home park investing is starting to be recognized as an attractive real estate sector. So what has made mobile home parks suddenly on the radar screen of the real estate community? The sector has always done extremely well, but investors are finally getting over the stigma and learning to appreciate the power of affordable housing. So what’s so special about mobile home parks?

HIGHEST YIELDS

Mobile home parks have the highest yields in commercial real estate, with starting cap rates often over 10%, and cash-on-cash returns of 20% standard fare. This is at a time in which apartment cap rates are often around 7% and retail cap rates are sometimes at 6% or lower. Because there are fewer buyers for mobile home parks than other real estate niches, the supply/demand formula has always given mobile home parks a higher going-in rate of return.

HEDGE AGAINST U.S. ECONOMIC DECLINE

If you believe that the U.S. economy will continue to decline in the years ahead, under the weight of social programs and the drag of an aging population, then mobile home parks are virtually the only form of real estate that performs better in a recession. As America gets poorer, mobile home parks are the only form of housing devoted to this demographic.

BARRIERS TO ENTRY

One reason that mobile home parks have long held their value is the simple fact that virtually no city or town in the U.S. will allow new parks to be built. Why? Nobody wants a mobile home park as a neighbor, and their vocal dislike for mobile home parks eliminates any chance of political approval. In the entire United States, it is estimated that less than 10 new parks are built each year – less than the number that are town down for re-development.

BARRIERS TO MOVING OUT

Another interesting barrier is the difficulty tenants have in moving their home out of a mobile home park. It costs around $5,000 to move a mobile home, so virtually no tenants can ever afford to move. As a result, the revenues of mobile home parks are unbelievably stable. But what happens when a tenant cannot afford to continue to pay their rent? Then they normally abandon the home, and the park owner ends up with title under abandoned property laws.

DEMAND IS GIANT AND GROWS DAILY

Affordable housing is a giant topic in America right now. Over 20% of the U.S. population has a household income of $20,000 per year or less (which is nearly the poverty line). On top of that, there are 10,000 baby boomers retiring per day into social security checks that average only $14,400 per year. The demand for affordable housing literally grows daily, and this will continue for over a decade, according to most economists.

CONCLUSION

Mobile home parks offer higher greater returns and stability than any other real estate sector. They are the only real estate segment that grows stronger as the economy weakens. That’s probably why the two top investors in this niche are Warren Buffet and Sam Zell.

Frank Rolfe has been an investor in mobile home parks for almost 30 years, and has owned and operated hundreds of mobile home parks during that time. He is currently ranked, with his partner Dave Reynolds, as the 5th largest mobile home park owner in the U.S., with over 250 communities spread out over 25 states. Along the way, Frank began writing about the industry, and his books, coupled with those of his partner Dave Reynolds, evolved into a course and boot camp on mobile home park investing that has become the leader in this niche of commercial real estate. www.MobileHomeUniversity.com

Mobile Home and RV Park Financings Closed in 2015

Blue Point Commercial Mortgage

• · February: 25 Unit Family RV Resort construction-to-perm financing for $1,000,000. Provided funds for development project in downtown Tucson, AZ at 6% interest-only for construction phase and then adjustable 6% takeout/perm loan with 20 year term. Loan-to-costs was 90% with high leverage provided by a specialized SBA loan program.

• · March: Refinanced with cash-out 94 lot MHP in Soddy Daisy (Chattanooga) TN, with a 5%, 7-year fixed rate and 20 year amortized loan at 45% LTV. $675,000 loan to pay off private loan for improved rate and terms and provide funds to complete upgrades.

• · April: Portfolio purchase of 3 parks in Greenville, NC. Loan of $1,200,000, 4.75%, 7-year fixed rate on 20 year amortization with 56% LTV. The parks consist of 172 combined units, 98% occupied. Loan term is 7 years on 20 year amortization.

• · May: Refinance MHP in El Paso, TX. Arranged $1,650,000 CMBS financing at 73% LTV loan on 122 lots + two SFRs for improved rate and term and provide additional cash out for upgrades and to bring 12 new lots online. Unit mix included 10% park owned homes and 25% of homes sold and financed on contract. Cash out was $280,000 for improvements.

• · September: Two MHP portfolio refinance of 60 units in Kalispell MT. $1,400,000 loan@ 4.75%, 7 year fixed rate on 20 year amortization with 60% LTV. Worked with a regional lender to provide cash out for personal debt restructuring and payments. Owner’s residence was also refinanced with same bank at 4%, 30 year amortized home loan.

• · November: Mobile Home and RV Park cash out refinance in West Central Valley of California for $1,770,000. Rate is 4.00%, fixed for 5 years, 10 year term and 30 year amortization on 103 Units, 47 mobile home and 56 RVs with high % of transient RV income and 22% park owned mobile homes. Loan provided $800,000 cash out.

• · December: Mobile Home Park refinance, 65 units in rural South Western NY. $950,000, 4.75% fixed rate for 7 year on 25 year amortization and 74% LTV. Worked with local lender to lower interest costs and payments for a long term fixed period.

Overview of Mobile Home Park Lenders

Blue Point Commercial Mortgage

Usually will only loan for properties and borrowers within a certain geographic area in their “footprint”. Loans are funded and serviced by the lender from deposit account reserves or interbank credit sources. Most financing for mobile home and RV parks come from local lenders. Many are chartered to only loan to community residents but some will accept outside investors. Terms are typically: 5 year fixed rates of 5%, LTVs of 70% to 75%, amortizations of 20 to 25 years. Personal guarantees are expected with global personal income ratios evaluated. Overall 680 minimum scores and clean credit history is needed with net worth equal to or exceeding the loan amount and liquid cash reserves of 10% after purchase and real estate investment experience is required.

CMBS Lenders (Nonrecourse)
Conduit loans can be the best type of financing if nonrecourse is required. Our CMBS lender can go down to $1.2Mil loan amounts and offer flexibility for issues such as lower occupancy, less desirable locations, high percent of older and/or park owned homes, etc. CMBS lenders require $35k upfront deposits for 3rd party reports (appraisal, environmental, engineering and survey as well legal and underwriting fees). These costs are industry standard to qualify the loan for inclusion into a portfolio of mortgages that will be securitized and sold as bonds. Terms are very attractive with 75% LTV, 10 year fixed rates at about 5% currently on 30 year amortizations. Underwriting is rigorous but overall more flexible than many other types of financing. But the loans carry “defeasance” prepay penalties and should be used primarily for parks you intend to hold for a 10+ year term.


Government Agency Lenders

For higher quality parks only “Agencies” (Fannie Mae or Freddie Mac) can provide some of the most desirable loan terms and nonrecourse debt. Parks usually need to have half double-wides, paved, curbed streets with ample off-street parking, no more that 5% park owned homes, 90% + occupancy , city services and be near major metro areas. Loans have yield maintenance prepay penalties which are similar to defeasance but will consider step-down prepays for a cost to rates. Typical rates are low 4%s on 5 year and mid 4%s on 7 year fixed loans with 10 year fixed rates near 5%. LTVs are commonly 75% with 30 year amortizations.

National Banks
A handful of national lenders can finance parks: mostly in larger metro areas, 3+ star, higher quality parks, limited tolerance to park owned homes, RVs, non-city services, etc. LTVs are 65-75%. Typical rates are 4.50% for 5 year fixed and 4.75% for 7 year fixed on 30 year amortizations. These types of lenders will mostly only finance parks of similar quality to Agency Lenders but with a bit more flexibility. A couple of national banks break the mold with super low rates, lower costs and better prepay penalties and can be the best alternative if they can do the deal.
For a Confidential Review, Call or Email David Harley
(415) 250-5300 ● dharley@bluepointcm.com
BRE 01334092
BluePoint Commercial Mortgage ● 655 Redwood Hwy, Ste. 311, Mill Valley, CA 94941● www.bluepointcm.com

PRESS RELEASE: The Madison Group Facilitates a $1,095,000 Non-recourse Commercial Loan for a MHP in Channelview Texas

PRESS RELEASE: The Madison Group Facilitates a $1,095,000 Non-recourse Commercial Loan for a MHP in Channelview Texas
Feb 2015

The Madison Group, a commercial broker and loan consultant, has facilitated the financing for the purchase of an 84 pad manufactured home community in Channelview Texas, within the Houston MSA. The purchase was deemed a true value-add-potential for the buying entity. The park had shown reasonable income over the course of time, but was in need of updates and capital improvements. The Madison group was able to source a transaction that facilitated a nonrecourse loan to a tight knit group of investors.

The $1,095,000 loan was sized to 64% of the loan to value. The borrowers received aggressive terms of 4.38% with a 10 year term and 25 year amortization. The nonrecourse loan allowed them to have an entity be the borrower with no recourse to individuals in the LLC other than standard carve outs. In addition, future increased cash flows will allow the entity to increase their return on investment.

“All parties involved worked diligently to price and size a loan that made sense for the investors and the lender, said Director of Finance Jeff Meierhofer. “Sourcing the right lender from the beginning that understands the product type in the geography of the asset made for a timely closing.”

The financing was arranged by Jeff Meierhofer, Director of Finance at The Madison Group.

The Madison Group (www.madisongroupfunding.com) is a commercial loan broker and consultant specializing in financing for investor properties nationwide. TMG provides flexible and reliable capital for real estate acquisitions, refinances, and re-capitalizations for a variety of property types including: multifamily, mobile home parks, credit tenant NNN net lease, office, retail, industrial, self-storage and other commercial properties in the United States. Established in 2001, The Madison Group’s intention is to provide highly competitive loan products through its superior capital market expertise and quality sources of capital. TMG works efficiently and effectively to get the transaction closed and funded.

TMG and Jeff Meierhofer can be reached at 435-785-8350 or by emailing jeff.m@madisongroupfunding.com

ARA’s National Manufactured Housing Group Executes Sale of Two Communities

ARA’s National Manufactured Housing Group Executes Sale of Two Communities within the Cincinnati MSA

 

Two All Age Communities Consist of 169-Site Property in Alexandria, Kentucky and 333-Site Property in Loveland, Ohio

Alexandria, KY and Loveland, OH (October 6, 2014) — Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, is pleased to announce the sale of Derby Hills Manufactured Home Community in Alexandria, Kentucky and Woodville Gardens Manufactured Home Community in Loveland, Ohio. Both properties are located within the Cincinnati MSA.

 ARA National Manufactured Housing Group’s Andrew Shih, (based in Austin, TX), and Todd Fletcher and Jon Shay, (based in Denver, CO), represented the undisclosed institutional seller in the transaction. The REO properties were sold through www.Auction.com. The buyer for Derby Hills, SSK Communities, was a local investment company based in Erlanger, KY, while Woodville Gardens was purchased by a private, out of state buyer from the Dallas, TX area. Both buyers already own communities near their respective new purchases and plan to leverage existing operations as well as local knowledge in the management of these new acquisitions.

“These two communities were part of a five property, cross collateralized loan that ran into trouble a number of years ago,” said Andrew Shih. “Usually REO means weak performance, but Woodville Gardens operates at around 91% occupancy, while Derby Hills is at about 85% and both assets stayed at those strong levels without the community providing loans or renting homes.”

“Positive news in the Cincinnati MSA continues with companies like GE strengthening its position in the market by adding up to 1,500 more employees.” said Todd Fletcher, “News like this positions these assets to capture economic growth by providing attractive housing at affordable prices. We expect both to increase occupancy in the next couple of years.”

Derby Hills MHC was constructed between 1970 and 1986 and is comprised of 169 sites, while Woodville Gardens MHC was built in 1970 and is comprised of 333 sites. Both all age communities have public utilities and appealing, low density layouts with mature landscaping providing a peaceful atmosphere for residents. The communities have curbs, gutters and streetlights, and a mix of single and double section homes with attractive amenities.

 Derby Hills and Woodville Gardens are both conveniently located near several major Cincinnati thoroughfares as well as the city’s vibrant downtown district which allows residents easy access to major employers including Kroger’s headquarters, the University of Cincinnati and Procter & Gamble, along with a number of sports venues, entertainment, and higher education facilities. Specifically, Derby Hills is situated near the Alexandria Village Green Shopping Center, a 392,606 square foot facility with 36 stores, a Walmart Supercenter, and the Cold Spring Crossing Shopping Center, while Woodville Gardens is located near many major entertainment attractions such as the Clermont County Fairground, the Little Miami Scenic Trail, the Cincinnati Zoo, the Newport Aquarium, and the Cincinnati Historical Museum.

 To schedule an interview with an ARA executive or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 404.990.4900 or Amy Morris at amorris@ARAusa.com, 404.990.4902; locally, Allison Blount at ablount@arausa.com, 512.637.1229.

 

Buyer Acquires a 315-Site All Age Community in Louisville, Kentucky

 ARA’s National Manufactured Housing Group Executes Sale of Holiday Manufactured Home Community in Kentucky

Buyer Acquires a 315-Site All Age Community in Louisville, Kentucky

 Louisville, Kentucky (September 15, 2014) — Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, is pleased to announce the sale of Holiday Manufactured Home Community in Louisville, Kentucky.

 ARA National Manufactured Housing Group’s Andrew Shih (based in Austin, TX), and Todd Fletcher and Jon Shay (based in Denver, CO), represented the Seller, a privately held company based in Arizona, in the transaction. The Buyer, David Worth with Ravinia Communities based in Chicago, was attracted to the asset because of its occupancy upside in a growing market. They plan to bring in more homes to increase performance. Ravinia currently owns and operates 12 manufactured home communities containing approximately 2,500 home sites in eight states.

 “Holiday MHC was a great opportunity to acquire a large all age manufactured housing community with

a solid existing tenant base providing great cash flow, yet still a tremendous opportunity to generate higher returns by filling vacant homes and sites.” said Shih. “The interest from investors was significant.” said Fletcher, “The capital markets have opened up significantly, which allowed the buyer to finance the acquisition with a very attractive long term, fixed rate, non-recourse loan that should generate a strong return out of the gate.”

 Holiday MHC was constructed between 1965 and 1970 and is comprised of 315 sites with public utilities. In addition to the community, the sale included 19 inventory homes as well as a small a neighboring parcel of land with approved plans to develop a mini-storage facility.

 Holiday is conveniently located on the southern side of Louisville, the largest city in Kentucky with a population of over 1.3 million in the MSA. It is located in the heart of what is called the “Renaissance Zone”, a 3,000 acre zone south of the Louisville International Airport established as a tax-increment financing district to encourage industrial development. UPS (United Parcel Service) has taken advantage of the Renaissance Zone by allocating $2 billion in expansion funds in the area since 2002, creating thousands of jobs. In addition, there are five Amazon.com fulfillment centers in the Louisville MSA, including a new center built in 2013 roughly 10 minutes from Holiday. Residents of Holiday MHC enjoy convenient access to major thoroughfares including Interstate 65, which leads through the heart of Louisville all the way to Indianapolis, IN, 124 miles to the north.

 To schedule an interview with an ARA executive or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 404.990.4900 or Amy Morris at amorris@ARAusa.com, 404.990.4902; locally, Allison Blount at ablount@arausa.com, 512.637.1229.

 

 

ARA’s National Manufactured Housing Group Executes Sale of Lake Bryant Manufactured Home Community in Florida

ARA’s National Manufactured Housing Group Executes Sale of Lake Bryant Manufactured Home Community in Florida

 

Buyer Acquires a 180–Site All Age Community in Ocklawaha, Florida

 

Ocklawaha, Florida

 

(June 16, 2014) — Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, is pleased to announce the sale of Lake Bryant Manufactured Home Community in Ocklawaha, Florida.

ARA National Manufactured Housing Group’s Andrew Shih and Brian Vita (based in Austin, TX) and Todd Fletcher and Jon Shay (based in Denver, CO), represented the institutional Seller. The property was sold to a private owner/ operator.

“It was a rare opportunity to acquire a Recreational Vehicle (RV) Community in Florida that also has a Manufactured Home (MH) component all in the same property,” said Shih. He added, “The MH side provides stable, annual cash flow to help with the slower off season months when the RV side slows down.”

“With over 15 offers on the property, there was tremendous interest from investors wanting to acquire

this REO asset due to the outstanding management turnaround opportunity. The community was offered at an attractive basis with the potential to improve RV operations through a comprehensive marketing effort,” said Fletcher.

Constructed in 1969, Lake Bryant is a large, scenic, low density, REO community with 84 MH sites and 96 RV sites and has the potential to expand. The property is situated on beautiful Lake Bryant in the heart of the Ocala National Forest which offers 383,000 acres of pristine forest land and home to more than 600 lakes, rivers and springs. Amenities offered to residents and guests include a private on-site beach with lake access, a new boat ramp, a spacious clubhouse built in 2004, a community store, shuffleboard, horseshoes, volleyball, and basketball.

The residents of Lake Bryant enjoy Easy access to Ocala, FL, 22 miles to the West and the Village of Ocklawaha, only 10 miles to the South, offering options for dining, cinemas, bowling and golf. The community is in close proximity to some of Central Florida’s most popular vacation destinations, including Daytona Beach 60 miles to the East, and Disney World only 75 miles to the South.

To schedule an interview with an ARA executive or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 404.990.4900 or Amy Morris at amorris@ARAusa.com, 404.990.4902; locally, Allison Blount at ablount@arausa.com, 512.637.1229.