{"id":1004404508,"date":"2020-03-31T07:23:44","date_gmt":"2020-03-31T15:23:44","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004404508"},"modified":"2020-04-03T06:09:50","modified_gmt":"2020-04-03T14:09:50","slug":"investors-undeterred-as-residents-resist-consolidation","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/investors-undeterred-as-residents-resist-consolidation\/","title":{"rendered":"Investors Undeterred As Residents Resist Consolidation"},"content":{"rendered":"<p>Investment in the <a href=\"https:\/\/www.multihousingnews.com\/post\/container-based-construction-the-next-frontier-in-affordable-housing\/\">manufactured-home<\/a>&nbsp;sector has soared in recent years, with private equity players like Brookfield, TPG and Apollo snapping up tens of thousands of units nationwide. It\u2019s no surprise then, that there\u2019s a growing legislative backlash in states across the country.<\/p>\n<p style=\"text-align: left;\"><a style=\"display: inline-block; padding: 5px 24px; border: 0; border-radius: 6px; font-weight: bold; letter-spacing: 0.0625em; text-transform: uppercase; background: #960505; color: #ffffff; text-decoration: none;\" href=\"https:\/\/mydigitalpublication.com\/publication\/?i=656536\" target=\"_blank\" rel=\"noopener\">READ THE DIGEST<\/a><\/p>\n<p>About 2.7 million U.S. households live as tenants in some 44,000 manufactured-home parks, representing 30 percent of the market, according to Paul Bradley, president of ROC USA, which helps residents buy their own parks and run them as co-ops; the other 70 percent of households live on sites they own.<\/p>\n<div id=\"attachment_1004404514\" style=\"width: 1010px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Manufactured-Home.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004404514\" data-attachment-id=\"1004404514\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/investors-undeterred-as-residents-resist-consolidation\/manufactured-home\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Manufactured-Home.jpg\" data-orig-size=\"1000,750\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Manufactured Home\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;The homeowners of\u00a0Cranberry Village, a 279-home 55+ manufactured home community purchased their Carver, Mass., neighborhood on June 22, 2012, for $13.2 million. Cranberry Village leaders work with\u00a0the Cooperative Development Institute for ongoing coaching and technical assistance.  Photo courtesy of Mike Bullard for ROC USA\u00ae PHOTO&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Manufactured-Home.jpg?w=1000\" class=\"wp-image-1004404514 size-full\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Manufactured-Home.jpg\" alt=\"\" width=\"1000\" height=\"750\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Manufactured-Home.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Manufactured-Home.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Manufactured-Home.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><p id=\"caption-attachment-1004404514\" class=\"wp-caption-text\">The homeowners of&nbsp;Cranberry Village manufactured-home community purchased their Carver, Mass., neighborhood in 2012 for $13.2 million.&nbsp;<em>Photo courtesy of Mike Bullard for ROC USA\u00ae PHOTO<\/em><\/p><\/div>\n<p>In reaction to the sector\u2019s consolidation, \u201cyou\u2019re seeing legislatures push back\u201d in three ways, he said.<\/p>\n<p>First is basic consumer protection laws, such as a law under consideration in Indiana that would extend a mandatory minimum 30-day notice of eviction of a park resident to 60 days. Similarly, because the lease on a lot is typically annual, there\u2019s a push for longer-term leases, with lease escalations spelled out in advance. Second is statewide rent controls, which <a href=\"https:\/\/www.multihousingnews.com\/post\/rent-control-makes-a-comeback-as-housing-crisis-grows\/\">New York, Oregon and California enacted in 2019.<\/a> Third is opportunity-to-purchase laws, which would give park residents a right of first refusal when a park is up for sale. Such laws are in the works in Washington, Colorado, Virginia and New Jersey and are already on the books in four New England states, Bradley says.<\/p>\n<p>Do these efforts pose a threat to investment in manufactured-home communities? Not likely. Lesli Gooch, CEO of the Manufactured Housing Institute, points to a recent situation in New Hampshire where the owner of half a dozen MHCs was selling to a larger company, and all of the MHCs voted to go along with the sale rather than pursue resident-owned co-ops.<\/p>\n<p>The institute supports consumer protections, she says, but investors have no reason to worry. It is a big market that\u2019s getting bigger as affordability becomes a greater concern. \u201cThere\u2019s a place for resident-owned communities,\u201d she said. \u201cThere\u2019s room for everyone.\u201d<\/p>\n<hr>\n<p><em>Sector Insights rotates among office\/medical office, industrial, retail, multifamily, self storage&nbsp;and hotel\/hospitality.<\/em><\/p>\n<p><a href=\"https:\/\/mydigitalpublication.com\/publication\/?i=656536\"><em>Read the April 2020 issue of CPE.<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Investment in the manufactured-home-community sector has soared in recent years, with private equity players like Brookfield, TPG and Apollo snapping up tens of thousands of units nationwide.<\/p>\n","protected":false},"author":882,"featured_media":1004404514,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1521,21742],"tags":[],"class_list":["post-1004404508","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-digital","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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Cranberry Village leaders work with\u00a0the Cooperative Development Institute for ongoing coaching and technical assistance. 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He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. 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He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.","url":"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Manufactured-Home.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004404508","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/882"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004404508"}],"version-history":[{"count":5,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004404508\/revisions"}],"predecessor-version":[{"id":1004408086,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004404508\/revisions\/1004408086"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004404514"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004404508"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004404508"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004404508"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}