Cary NC based Affordable Communities Group (ACG) president Mike Conlon announced they have purchased 4 more manufactured home communities (MHCs). ACG has bought 16 land lease communities so far in 2014, totaling 1,700 total home sites, bizjournals  tells MHProNews.

“What has happened is that a lot of park owners are in their late 60s to 80s and now perceive this as a good time to sell their parks with the economy improving and interest rates low,” Conlon said. Many have owned their ‘mobile home parks’ for 20 years or more and have little or no debt. “I expect this trend to go on for another year or two, assuming rates stay relatively low, which will allow us to push toward 5,000 units next year.”

Conlon states that most MHC owners haven’t kept pace with market rents. Nor did they have or invest the capital to repair vacant homes or bring in new manufactured homes. These are areas that ACG has made up its profit margins. ACG invested nearly $2 million in renovations and repairs to communities it purchased. 89% of his residents own their home, while 11% are renters.

Mike Conlon is shown in the photo with New York businesswoman Ivanka Trump, daughter of real estate mogul Donald Trump, at an economic summit in June in New York City. Last spring, rumors that Trump was in or preparing to enter manufactured housing surfaced, which the Trump Organization then denied, see more, linked here.

Conlon is one of many who are moving on opportunities in the MHC sector, a trend described by the New York Times, Bloomberg and other publications. ##

(Photo credit: Mike Conlon and bizjournals)