Four Leaf Properties has announced the launch of a new business unit aimed at assisting investors develop new manufactured housing communities. The new unit, dubbed Four Leaf Development, is designed to support joint venture partnerships with other development investors in any point of the project’s life cycle—capital raising/banking, land sourcing and entitlement, land development and property management.
According to Michael Callaghan, managing partner at Four Leaf Properties, the company has more than 2,400 units in various stages of development and this experience motivated the firm to add a separate development-focused business unit in the last two years. What’s more, even though the technology for factory-built homes has experienced incredible advancements in the past decade, there have been no improvements on the community front, Callaghan said in prepared remarks.
Only 400 manufactured housing communities have been developed over the past two decades, and the vast majority of the existing 50,000 properties being completed before 1985. This translates into a severely aged stock, with most homes requiring significant investment in infrastructure, roads, home removal and lot redevelopment.
Since its inception in 2009, Four Leaf Properties has acquired and operated more than 11,000 homesites valued at more than $500 million. Just this spring, the company expanded Meadowstone, a 21-year-old mobile home park in Hastings, Mich., with the addition of 34 factory-built homes developed by Clayton Homes Factory Direct.