MH COMMUNITY NEWS BRIEFS: Rent Increases & Acquisitions – Washington – Georgia – California – Colorado
The following are abbreviated samplings of news tidbits, over a short period of time, relative to tenant rent increases and investor sales of manufactured home communities (aka mobile home parks) across the U.S .
Washington New Laws Would Slow Rent Increases and Create Roadblocks To Selling Communities
Washington state lawmakers are considering legislation to slow down rent increases for apartments, single-family homes, and in manufactured home-mobile home communities.
The new laws would add roadblocks to selling manufactured-mobile home parks, a last bastion of affordable housing for senior citizens, and insulate community residents from steep rent hikes.
New Georgia Manufactured Home Community Sells For $3.65 Million
A fund related to UMH Properties Inc. has acquired a 118-home-site manufactured home development in Albany, Georgia for $3.65 million.
The new community, called Mighty Oak, sits on 26 acres. UMH Properties, a New Jersey-based investment trust (REIT), purchased the asset through its qualified opportunity zone fund The property is the REIT’s first community in Georgia and the second acquired by the fund.
“Several major corporations located nearby, such as Pratt Industries, Thrush Aircraft and Amadas Industries, have made or have announced plans to make significant capital investments to their facilities, creating a growing workforce in Albany that needs quality affordable housing,” UMH Properties President and CEO Samuel Landy said in a press release. “We, therefore, plan to implement our rental home program in our community, which should result in rapid infill and strong returns.” Source: ATLANTA Agent Magazine.
Santa Rosa, Ca. Rent Control Law Does Not Benefit Manufactured/Mobile Home Park Tenants As Intended
Not every mobile home resident in Santa Rosa, California is benefiting from the new rent control law. Last month, the city council approved a new rent control ordinance for mobile/manufactured homes limiting rent hikes to 70-percent of the consumer price index with a 4-percent cap. However, despite the fact that it was designed to aid renters at the beginning of 2023, it didn’t take effect until January 6th. The Press-Democrat reports that this allowed landlords who scheduled rent increases for January 1st to raise rents by 5.7 percent. Five mobile home parks in Santa Rosa saw this hike: Carriage Court, Coddington, Country, Roseland and Wayne Gardens. The city attorney”s office is expected to look at options surrounding the issue. (Source: KSRO Radio)
Residents Of Colorado Park Experience Rent Increases, Rule Changes Under New Owners
In June of last year, the residents of the Dotsero Mobile Home Park lost their $5.8 million bid to purchase the property they live on and become a resident-owned community. Instead, former owner Jim Condit accepted an all-cash offer for the same price from an outside buter called Three Pillar Communities, a California-based company that invests in manufactured housing across the country.
According to its website, Three Pillar communities operates 53 mobile home parks in 10 states as of Sept. 2022. The Dotsero park is the company’s third acquisition in Colorado, following the Fairplay Mobile Home Park and RV Retreat located in Johnstown.
Three Pillar Communities describes itself as a mission-driven family business that aims to provide high-quality housing to its residents and stable returns to its investors. Its stated operating principles depict a common investment strategy of upgrading parks and implementing heightened standards of living that enables the company to raise rents to market rates and see steady growth in property over time.
(Source: Vail Daily)
