MFH News & Views: 5 Manufactured Home Communities Switch Hands
Thanks to a rock-solid belief in the manufactured housing industry, Michigan’s Zeman Homes has now obtained $9M in financing needed to complete their acquisition of three manufactured home communities; meanwhile in the Sunshine State of Florida, a mobile home park on the shore of Lake Okeechobee has just closed escrow for a reported $3.3 million, and Tennessee’s freshly rebuilt Memphis Blues manufactured home community strums a cord of affordability in the old hometown of Elvis.
Those are your prefabricated housing headlines for Monday, March 28, 2016 – Now let’s build a greater understanding of these stories.
The forward thinking financiers at Associated Bank handed over a pile of cash, totaling approximately $9 million, and earmarked for the acquisition of three manufactured housing communities in the Ann Arbor area; Wagon Wheel at 51000 Mott Road in Canton, Wagon Wheel South at 51000 Michigan Ave. in Belleville and Carleton Mobile Home Park at 12500 Jones St. in Carleton. Originally constructed in the early 70s, Wagon Wheel’s communities have a total of 377 sites. Meanwhile over at Carleton’s Mobile Home Park, they have a total of 228 sites. Offering options for all, each of the three communities provides spaces for both single-wide and double-wide prefabricated homes.
Conveniently located a mere 4 miles from the future site of their proposed 200,000 ft.² retail center, Coastal income Properties purchased Zachary Taylor RV Park for $3.3 million. This water front adult community services the 55 and over set, Zachary Taylor RV Park resides on the northern shore of the Florida’s biggest lake – Lake Okeechobee.
Owned and operated since 1968 as a REIT (real estate investment trust), UMH operates manufactured housing communities in Michigan, New Jersey, Indiana, New York, Tennessee, Ohio, and Pennsylvania, and has announced the grand opening of Memphis Blues. Taking the place of its former Memphis mobile city community, Memphis Blues is a guard-gated community that will enjoy many modern amenities. From on-site property management, to its 24-hour maintenance, Memphis Blues has been thoroughly renovated.
As the cost of conventionally built homes continue to escalate dramatically, the prefabricated housing market continues to offer options for those willing to look outside the box. For those looking to learn more about today’s modern manufactured homes, manufacturedhomes.com provides a one-stop shopping spot for information, custom price quotes, and more.