Bay Area Manufactured Home Communities: High on Carlyle Group’s Hit List
Understanding that some still need an affordable place to live – particularly in the über expensive Bay Area housing market – The Carlyle Group announced on September 22, that it was going into a joint venture on a 60-year-old mobile home park in the Bay Area.
Long known for being financially astute and exercising shrewd business skills, the DC-based private equity firm is partnering up with the existing owners of Pacific Skies Estates. The Carlyle Group and its new partners entered into their business arrangement on a 93-lot mobile home park in Pacifica – just hop, skip, and a jump from the municipal pier and Pacifica Beach.
Bay Area Manufactured Home Communities: High on Carlyle Group’s Hit List
Bay Area Manufactured Home Communities: High on Carlyle Group’s Hit List
According to the Silicon Valley business Journal, this investment in millennial housing options is just the latest illustration of Wall Street’s fast-growing interest in the mobile home sector, particularly as this is Carlyle’s second time at the feeding trough of opportunity. Back in 2014, Carlyle purchased two Florida mobile home communities for just over $30 million.
As San Francisco’s would-be first-time homeowners search for alternatives to today’s high priced stick built homes, Wall Street and its savvy investors understand that Kabco, Magnolia and other quality built mobile homes will be providing tomorrow’s homeowners their first opportunity at obtaining the American dream – homeownership. And understanding that in an urban setting a majority of these manufactured homes reside in mobile home parks, they’re anxious to buy as many as they can.
(Photo Courtesy of Nuzzle)
Below L.A. Tony Kovach interviews the Mark Beliczky of the Carlyle Group at the 2014 Las Vegas MHL Congress.
