Park Place Communities
Why We Love This Deal
A Warren Buffet Industry
In 2003, Warren Buffett proved to be way ahead of the curve, when he purchased Clayton Homes — now the largest builder of manufactured homes – for an estimated $1.7 billion.
Like Buffett, Park Place Communities has recognized the growing demand for affordable housing, and have begun aggressively acquiring and upgrading communities across the United States.
New Mobile Home Parks are largely not being developed. Sprawling metropolitan areas are crowding out many Mobile Home Communities, and municipalities’ zoning restrictions discourage development of new parks. On a net basis, MHPs decrease in supply nearly every year as properties are converted to higher and better uses as areas gentrify. The lack of new supply further increases demand and represents opportunity to fill existing parks with new units and tenants. As the U.S. wage gap continues to increase, there has been a shift towards lower-paying jobs, which leads to an increasing demand for affordable housing. Baby Boomers on fixed incomes are retiring in record numbers, creating a greater demand for affordable housing that will only continue to grow.
- As the population continues to age and also grow, the need for affordable housing strengthens.
- Single-family home affordability continues to decline and is at an all-time low, while the aging populations retires.
- Over 50% of Americans are living on less than $600/week.
The lien is backed by a corporate guarantee from the Sponsor, Park Place Communities, with a 12 percent interest rate paid to investors.
Andrew Lanoie is an expert at building teams and connecting people with opportunities. Formerly a Talent Agent at William Morris for 16 years, he represented some of the world’s biggest celebrities, including Tim Allen, Sheryl Crow, Barry Manilow and Peter Frampton, to name a few. In 2009, Andrew began investing in single-family residences and acquired more than 100 properties in less than four years. During this timeframe, he discovered the massive demand for affordable housing in America and chose to leave the agency and focus full-time on real estate investing.
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