RTTNews says land lease community owner (LLC) Killam Properties, Inc. (TSX:KMP), of Halifax, Nova Scotia, Canada has closed its public offering of $46 million of 5.45 percent convertible subordinated debentures due June 30, 2018. Canada NewsWire’s Digital Journal says a syndicate of underwriters led by RBC Capital Markets backed the …
RVBusiness says that real estate investment trust (REIT) Sun Communities, Inc., of Southfield, Michigan, acquired Orange City RV Resort in Orange City, Florida, for $6.47 million cash. Orange City has 517 RV sites and is less than 50 miles to Disney World and the Daytona Beach area. According to the …
The Santa Monica Daily Press reports that eleven new manufactured homes are being showcased as examples of green technology applied to manufactured housing. Built with a combination of federal funds and local redevelopment dollars as part of an affordable housing initiative, the units have solar cells for energy and water …
California City Backs Green, Affordable Manufactured Homes Read More
Chicago Real Estate Daily reports that Sam Zell’s Equity LifeStyle Properties (ELS) is adding 31,167 home sites to its portfolio of 111,002 home sites by buying 76 land lease communities (LLC) from Hometown America LLC, its Chicago-based competition. The properties are spread over 20 states. ELS will finance the $1.4 …
Equity LifeStyle Properties Acquires Chunk of Competitor Read More
Zacks reports that SmarTrend says of the five top residential real estate investment trusts (REITs) with the highest free cash flow (FCF) per share, two are land lease community (LLC) owners. Equity Lifestyle Properties ranks in the top spot with free cash flow per share of 3.76x, and is also …
The Boston Globe reports the only community of factory-built homes in Boston sits on the Charles River and is owned by the residents. The 104 unit community just received word from Mayor Thomas Menino that the city will invest $815,000 to upgrade sewers, roads and electric power lines. The article …
Boston’s Sole Community of Factory-built Homes Gets Good News Read More
The Manufactured Housing Institute (MHI) says it and the National Communities Council (NCC) met with Housing and Urban Development (HUD) representatives to discuss a federal program to develop and rehabilitate manufactured housing communities. Federal Housing Administration’s (FHA) 207(m) is a mortgage insurance program for owners and developers to obtain financing. …
Following up on a story we published May 5, the North County Times says the Oceanside, California City Council voted 3-2 to reaffirm two earlier votes ending rent control for the residents of the 18 Land Lease Communities in Oceanside. The ordinance would apply only to new occupants of the …
MHC Residents Circulating Petition to Overturn Council Vote Read More
MHMSM has obtained the Notice of Dismissal in Case 10-45772 Doc 178 Filed 05/18/11 Sunset Village Limited Partnership. Sunset Village is a community owned by Capital First Realty, Inc. based in Chicago. The case was filed in the United States Bankruptcy Court, Northern District of Illinois, Eastern Division. Sources close …
The Palm Beach Post reports that over 100 residents of manufactured communities in Florida attended a Florida Public Service Commission (FPSC) hearing regarding Aqua Utilities Florida Inc.’s request for a rate increase. The FPSC has conducted a series of public meetings attended by hundreds of customers since October to complain …
Following up on an article we published here May 18, Benzinga reports ATCO Structures and Logistics (ATCO) has been awarded a second contract for building a modular workforce community on Curtis Island, Queensland, in Australia. The Gladstone Liquefied Natural Gas (GLNG) project will have 336 modular housing units, including recreational …
The Daily Camera in Boulder, Colorado, says residents of Orchard Grove, a factory-built home community in Boulder, want to change five acres of empty land from medium-density residential to manufactured housing. The community of 450 residents is included in Boulder’s affordable housing quota. In 2008 the city rezoned the occupied …
WWLTV reports that the town once called Canadaville, Louisiana because it was built by a Canadian billionaire philanthropist to harbor evacuees of Hurricane Katrina, is now home to refugees from the effects of the rising Mississippi. The 49 modular homes were part of a five-year plan that was supposed to …
Modular Homes Once Again Refuge for Disaster Evacuees Read More
The Sacramento Bee reports in PRNewswire that UMH Properties, Inc. (NYSE Amex:UMH), is making a public offering of 1,000,000 shares of Series A Cumulative Redeemable Preferred Stock. The underwriters, J.P. Morgan Securities LLC, may also purchase up to 150,000 shares of the stock under a 30-day over-allotment option. UMH is …
Following up on an article we published March 2, the Los Angeles Examiner reports the U.S. Supreme Court has confirmed the December 2010 Ninth Court of Appeals ruling that rent control in California’s Land Lease Communities is constitutional. In Guggenheim versus City of Goleta, Guggenheim argued that rent control constitutes …
Benzinga reports Sam Zell, Chairman of Equity Group Investments, and parent company of Equity Lifestyle Properties (NYSE:ELS), the largest Land Lease Community (LLC) owner in the nation, says the Obama administration has deliberately hampered growth in the business community by sending mixed signals. Noting we are contributing to inflation in …
Sam Zell Sees Inflation Rising, Columbia as Good Growth Potential Read More
The Times Daily reports from Franklin County, Alabama, that Savannah Swinney and her family are the first in Alabama to move into a FEMA factory-built home. She and her daughter sought shelter in the closet of their apartment, which was heavily damaged by the tornado that carried winds up to …
First Alabama Tornado Victims Move into FEMA Homes Read More
In following up on stories published here May 3 and May 5 ,The Los Angeles Central Coast Democrat reports that California Assembly member Bill Bonning (D-Carmel) is delaying his Assembly Bill 579 (AB 579) that would reimburse local governments legal fees when their rent control laws, or other regulations regarding …
Bill to Reimburse Local Governments for Rent Control Challenges on Hold Read More
In correspondence with MHMSM, Joe Kelly, Executive Director of the Manufactured Housing Association of Iowa, says state law requires each Land Lease Community (LLC) to file an annual report with the county treasurers by June 1 with the name of each home owner and the home mailing address. Says Kelly: …
A group of MH Industry leaders is working with MHC (manufactured home communities) owners David Roden and Spencer Roane who are spearheading a plan for FEMA in disaster areas in the southern U.S. Some manufacturers, association leaders and businessmen are working on a plan that avoids FEMA’s past missteps, saves …
Industry Leaders Work on FEMA Plan Using MHCs in Tornado-ravaged States Read More
