Trailer Park REITs: These Quiet Moneymakers Are Bringing In Crazy Returns

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For Investors National Multifamily August 03, 2017 Champaign Williams, National Editor

Manufactured home communities have turned a corner for the better. Commonly referred to as “trailer parks,” these communities have evolved beyond the negative stigma that plagued them in the past. Many of these housing communities resemble high-end gated neighborhoods of affluence — and investors have taken note.

Once an overlooked sector in the housing market, manufactured home REITs have become one of Wall Street’s quietest moneymakers. National Association of Real Estate Investment Trusts data reveals these communities are rolling in returns that so far year-to-date are outpacing the S&P 500.  From January to the end of July, the sector brought in 18.3% in returns, a rarity in the market. On an annual three-year basis, this small segment in the REIT market has averaged returns of 26.7%, according to NAREIT. Strong returns have been fueled by low building costs, strong supply and demand dynamics and a solid net operating income.  “It is rare to find a segment that has double-digit returns, and so consistently,” NAREIT Senior Economist Calvin Schnure said. More than 20 million Americans live in manufactured homes, also known as mobile homes, and as the country continues to experience a housing crunch, demand in these communities is growing.

America is undergoing an extreme housing shortage. Though there is a great deal of supply underway this year — the largest number of new units under construction this cycle — those new deliveries are overwhelmingly concentrated in densely populated urban markets and they are extremely expensive. The multifamily sector is expected to have 320,000 new deliveries this year. Most of this supply will fall within a handful of the sector’s largest metros and all of these new apartments are on the high-end of the spectrum, according to Yardi research. Demand for low- to mid-scale housing, driven by blue-collar working Americans, is in full swing, but affordable supply is all but unavailable.  Manufactured homes are aiding in residents’ search for affordable housing. Last year the average price for a manufactured home was roughly 10% to 30% less per square foot than traditional site-built homes, ranging between $50K to $90K for single- and double-wide units.  “Certainly the manufactured housing sector is facing strong demand just given the challenges with the lack of availability of affordable housing, of any type of housing, in other places across the country,” Schnure said. Still, affordability is not the only thing about these communities that is fueling

Sun Communities Inc. and Equity Lifestyle Properties are two of the country’s largest publicly traded manufactured housing REITs. These trusts own and operate a combined 550 manufactured housing communities across the country, each owning an assortment of all-age and active senior living communities — though age-qualified communities make up the bulk of their portfolios. Far from rundown trailer parks, these communities feature resort-style amenities that include swimming pools, fitness centers, golf courses, playgrounds for children and more.  “As with other property types, the REITs own higher properties so these are investment-grade communities they’ve created,” Schnure said. “Most of these can’t be in a downtown urban area, they don’t have the space for it. Many are spread pretty much all across the country. There are quite a few in the Southeast through Georgia and Florida, there are also some in the West in New Mexico, Nevada, California, Texas.” What Goes Up, Must Come Down

“The manufactured housing REIT sector is providing very good quality homes where people can live at an affordable rate and that provides a good return for investors. This is a win-win situation,” Schnure said. So far there have been 46,600 manufactured homes delivered this year, according to the U.S. Census Bureau. This number is up slightly from 2016, which delivered a total of 81,000 units. Within the last 60 years, the number of pre-fab homes to come online has decreased exponentially after peaking in the 1970s, then

Read more at: https://www.bisnow.com/national/news/multifamily/the-quiet-money-maker-manufactured-home-reits-are-averaging-27-annual-returns-77376?utm_source=CopyShare&utm_medium=Browser

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Timeline of Arizona from  900 BC – 2017

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WEEKLY APARTMENT CLOSING UPDATE THROUGH August 11, 2017 /  Phoenix Arizona Metro.

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WHY PHOENIX? AMAZING!!!  POPULATION IN 1950 – 350 K PEOPLE; “NOW 5 MIL”. – “5TH. BIGGEST CITY IN USA”

 

ARIZONA FACTS – YEAR 1848 TO 2013

Timeline of Arizona from  900 BC – 2017

 

PHOENIX TOPS US IN POPULATION GROWTH (MORE THAN LA, NYC) AND WHY THAT’S GOOD FOR THE ECONOMY, BUSINESS

DOT – LOOP 202 / SOUTH MOUNTAIN FREEWAY / PHOENIX AZ – UNDER CONSTRUCTION

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  • DEMOGRAPHIC FACTS ABOUT MARICOPA COUNTY:
  • The average age of the population is 34 years old.
  • The health cost index score in this area is 102.1. (100 = national average)
  • Here are some of the distributions of commute times for the area: <15 min (22.7%), 15-29 min (36.8%), 30-44 min (25.1%), 45-59 min (8.6%), >60 min (6.8%).

Kasten Long Commercial Group in Partnership with the AMA and WESTMARC / The  Commercial Event of the Summer

PHOENIX PROJECTED AS NUMBER ONE US HOUSING MARKET FOR 2017

LIST OF ECONOMIC DEVELOPMENT PROJECTS IN PINAL COUNTY, REVISED 2-14-17

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2016 Official Arizona Visitors Guide

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Why Phoenix?  This is a very interesting article, you should read it, amazing, there were only 350 K people living in Phoenix in 1950

Timeline of Phoenix, Arizona history

Phoenix, Arizona

Facts of Arizona – year 1848 to 2013

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