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FOUR LEAF PROPERTIES ANNOUNCES GRAND OPENING OF ROYAL OAKS ESTATES.
CHICAGO, October 26, 2011 — Four Leaf Properties, a privately-held manufactured housing community owner and operator, today announced the formal grand opening of the former Kings Park Estates community in Peoria, IL, under the new name of Royal Oaks Estates. A Parade of Homes and Open House is accompanying the new opening, to include over a dozen single and doublewide homes that are available for public viewing and immediate sale. Along with providing housing needs at all levels, Four Leaf supports a ‘buy here, pay here’ model, that includes in-house financing and credit approval for all qualified buyers.
The company intends to use the opening to raise awareness in the greater Peoria area of the many changes that have taken place within the Royal Oaks Estates community. Kevin Shaughnessy, Managing Partner of Four Leaf, commented, “We want to use the Grand Opening as an opportunity to shed old stigmas. “Kings Park didn’t necessarily invoke an image of safe and secure living in the minds of folks who have a long history with the property. “This isn’t just about changing a name – it’s about changing an entire image.”
Shaughnessy concedes that throughout the 90’s and up through 2009, Kings Park suffered from a series of absentee owners and a lack of oversight. Amid ownership changeover, the park significantly declined in occupancy and the quality of the community deteriorated. “It was tragically under-managed”, commented Shaughnessy. “But if you look at it today, it’s hard to find many of the remnants of those days. “It’s a completely different community.”
To date, the Company reports that over 100 abandoned homes have been removed from the park and hundreds of thousands spent on infrastructure, grounds and building improvements – including significant investments in the community center and indoor pool. Added Eloise Cather, the Property Manager, “We’ve got beautiful homes, a safe community and great residents. “Royal Oaks Estates is just a really great place to live!”.
About Four Leaf Properties
Four Leaf Properties is a premier manufactured housing community owner and operator. Its family‐friendly communities offer beautiful, affordable homes with community facilities that reinforce a commitment to providing the highest standard of living. To learn more, visit www.fourleafprop.com.
We welcome questions from Stockholders, Analysts, Investment Managers and Prospective Investors. Please email us at info@fourleafprop.com or contact us at 708.784.1537 for more information.
FOUR LEAF HOMES PURCHASES MICHIGAN HOME PORTFOLIO.
CHICAGO, September 1, 2011 — Four Leaf Homes, LLC, an affiliate of Four Leaf Properties, LLC, today announced its acquisition of fifty-one pre-owned manufactured homes from the former Dominion Ventures/Calvin Homes syndication. The homes are disbursed throughout the Southwest Michigan corridor including locations at Pleasant View – Watervliet (Watervliet), Pleasant View – South Haven (South Haven), Shawnee (Baroda) and Prescott (Grand Rapids), and consist of a large number of newer models and single-owner homes.
With approximately 60% of the portfolio currently occupied, the company will engage in an expansive rehabilitation effort on the vacant homes and intends to offer financing terms on lease to own contracts to incentivize buyers.
Mike Callaghan, Managing Partner of Four Leaf Homes commented, “This continues our efforts to grow our manufactured home portfolio within a strategic footprint. These markets also have strong demand for manufactured housing, but the pricing and home quality need to match expectations. Added Kevin Shaughnessy, Managing Partner and Chief Operating Officer, “Recovering value on used homes typically involves expert manpower and patient capital….even if the homes are of a fairly high caliber. “We’re pleased that we could quickly step into this situation, acquire some great assets for Four Leaf Homes, but also create a win for the previous owners.”
About Four Leaf Properties
Four Leaf Properties is a premier manufactured housing community owner and operator. Its family‐friendly communities offer beautiful, affordable homes with community facilities that reinforce a commitment to providing the highest standard of living. To learn more, visit www.fourleafprop.com.
FOUR LEAF PROPERTIES REPORTS SOLID SALES GAINS IN 2010. MANUFACTURED HOUSING SECTOR OUTLOOK POSITIVE FOR 2011.
CHICAGO, January 19, 2011 — Four Leaf Properties, a privately held manufactured housing community owner and operator, today announced its annual sales performance for 2010 and provided future guidance for 2011. For the year ending December 31, 2010, the company posted a 6.9% increase in occupancy across its nine-property portfolio, while posting a 9% increase in Net Operating Income.
“We are pleased with a nearly 7% increase in occupancy against more than a 2% drop across the rest of our sector,” noted Michael Callaghan, Managing Partner.
The company reported that rents have stayed constant throughout 2010, and are expected to increase 2-3% across most markets in 2011. Noted Callaghan, “There was certainly a pressure to drop prices last year in an effort to buy market share. “But we felt strongly that the value of our properties was improving versus that of our competition, and we made a strategic decision not to chase the bottom end of the market.”
The company also announced the successful consummation in December of two discounted note purchases on two large properties in Illinois and Michigan. The December transactions brought to closure more than two years of hard-fought effort to rescue two properties from the former Value Family Properties syndication. “We all know it’s a tough banking environment out there, but these transactions reinforce our position that there is still tremendous value to be generated in the manufactured housing sector,” noted Kevin Shaughnessy, Managing Partner. “It is an operators market right now. If you have the expertise to buy on value and execute a strong development plan, there are still plenty of great deals and plenty of lenders who want to partner.”
In looking forward to 2011, the company projects occupancy growth between 7-9% amid operating income increases in the 13-15% range. “Given the tepid economic outlook, we’re still projecting conservative growth for next year, but at increasingly more profitable levels, noted Shaughnessy. “Our customers are slowly getting back to work and are finally feeling comfortable enough to look ahead. “With our in-house financing and underwriting programs, we’re absolutely poised to offer them the best housing option in the market.”
About Four Leaf Properties
Four Leaf Properties is a premier manufactured housing community owner and operator with communities across the Midwest Corridor. Its family‐friendly communities offer beautiful, affordable homes with community facilities that reinforce a commitment to providing the highest standard of living. To learn more, visit www.fourleafprop.com.
FOUR LEAF PROPERTIES REPORTS ROBUST SALES GAINS IN Q2. MANUFACTURED HOUSING SECTOR OUTLOOK VERY POSITIVE FOR REMAINDER OF 2010.
CHICAGO, July 19, 2010 /PRNewswire — Four Leaf Properties, a privately held manufactured housing community owner and operator, today announced its second quarter sales figures and provided future guidance for the year. For the second quarter (Apr-Jun), the company posted a 2.5% increase in occupancy across its portfolio for a net gain (less repos and move outs) of 53 units. Q2 Gross Sales were up 18% from the previous year.
The company posted particularly strong sales for its Michigan operations, and noted stronger than expected sales for its Southern Indiana properties.
Noted Michael Callaghan, Managing Partner, "As unemployment levels out, we're seeing buyers come back to the MHC market with a renewed desire for home ownership. In terms of the broader market, we're finally seeing the light at the end of the tunnel."
Although federal stimulus plans started tapering off in the latter part of the quarter, the company noted little impact from the sunset of the home buyer's credit. Kevin Shaughnessy, managing partner, noted, "This continues a trend of solid sales increases starting in Q3 of last year. We're seeing demand out-pace supply in nearly every market."
In addressing the supply challenges, the company cited a recent financing agreement with Indiana-based Harmony Homes, which provides attractive, short-term financing terms for new homes. "Our relationship with Harmony continues to be a point of strategic advantage; both in terms of tailoring the perfect home to our individual markets and providing homes on the best possible terms," commented Shaughnessy.
In providing guidance for the remainder of the year, the company projects 3-4% occupancy growth for same-site locations for Q3/Q4 in support of 8-9% growth for the year.
About Four Leaf Properties
Four Leaf Properties is a premier manufactured housing community owner and operator with communities across the Midwest Corridor. Its family-friendly communities offer beautiful, affordable homes with community facilities that reinforce a commitment to providing the highest standard of living.
MANUFACTURED HOUSING MARKET CREATES TREMENDOUS OPPORTUNITY FOR INVESTMENT RETURNS. MIDWEST PARTNERS CONSOLIDATE AND PREPARE FOR EXPANSIVE GROWTH.
CHICAGO, April 9, 2010 /PRNewswire — Opus Holdings, a privately held equity and real estate fund, today announced the formal re-structuring and consolidation of its manufactured housing community portfolio under Four Leaf Properties. The restructuring consolidates over 2500 manufactured housing sites under one roof and creates one of the Midwest's largest owners and operators of manufactured housing communities.
The Four Leaf portfolio will combine several partnerships, operational interests and syndications formerly operated under Value Family Properties and Opus Holdings. It also continues the twenty-year business partnership of Kevin Shaughnessy and Mike Callaghan as owners and operators. "In the wake of the credit crisis, there is a tremendous need for experienced operators. "This consolidation creates a unique operational platform to address that need, while allowing us to take advantage of some unprecedented market conditions."
Bob McBroom of Sunstone Manufactured Housing Consultants further offered, "We're seeing an unprecedented amount of buying and selling activity, and there's no end in sight. Companies like Four Leaf are taking advantage of one of the most attractive buying markets in decades."
The company has announced plans to open new offices in Indianapolis and Chicago and expects to aggressively expand in 2010 and 2011. "We have assembled one of the most experienced and competent management teams in the industry, said Shaughnessy, "so growth is certainly a natural next step." But Shaughnessy added, "We're also proud of our track record as operators and expect to continue our reputation for hands-on management of every asset in our portfolio."
About Four Leaf Properties
Four Leaf Properties is a premier manufactured housing community owner and operator with communities across the Midwest Corridor. Their family-friendly communities offer beautiful, affordable homes with community facilities that reinforce a commitment to providing the highest standard of living.