ACQUISITION MANAGER, MOBILE HOME PARKS www.havenhousing.com
POSITIONThe Company is seeking an
Acquisition Manager to source, underwrite and close acquisitions of mobile home parks and manufactured housing communities throughout the Western U.S., with primary responsibility for building and executing the Company's acquisition pipeline in this asset class. The Company intends to grow its portfolio throughout the Western U.S., requiring regular travel. The position will report to Haven Housing's Managing Director of Acquisitions.
LOCATIONAt any of the Company's regional office locations, mentioned above.
RESPONSIBILITIESIncluding, but are not limited to:
- Source on- and off-market Manufactured Housing Communities (MHC) acquisition opportunities through broker relationships, direct-to-owner outreach and industry networks, with particular focus on long-time private owners.
- Underwrite acquisitions by building detailed financial models, analyzing rent rolls, lot rent levels, occupancy, park-owned versus tenant-owned homes, utility billing analysis, and implementing value-add strategies.
- Extrapolate seller-provided financials, including those which may be incomplete, to establish a reliable operating baseline and identify hidden expenses or upside.
- Evaluate park infrastructure including water and sewer systems (municipal, private well, septic, lagoon or package plant), electrical service, roads and drainage, and coordinate third-party inspections.
- Conduct market research on comparable lot rents, home values, housing affordability and demand drivers to support pricing and investment decisions.
- Prepare investment memoranda and present acquisition recommendations to the Company's management team.
- Negotiate letters of intent, purchase and sale agreements, and structure creative transactions, including seller financing, to satisfy seller needs.
- Lead due diligence and escrow activities to include title, survey, zoning and legal nonconforming use review, environmental reports, home title verification and compliance with state regulations.
- Coordinate with legal, lenders and internal teams to close transactions on accelerated timelines.
- Develop value-add business plans to include lot rent optimization, infill of vacant lots, utility submetering or bill-back programs, removal of abandoned homes and conversion of park-owned homes.
- Manage a smooth post-closing transition to asset management and third-party property management partners.
- Maintain the acquisition pipeline and track transactions, and present weekly updates to the Company's management team.
- Travel required - 40%
QUALIFICATIONS: - Bachelor's degree in finance, real estate, economics or related field desired.
- Minimum 5 years of commercial real estate acquisitions experience, with at least 3 years focused on mobile home parks or manufactured housing communities.
- Demonstrated track record of sourcing and closing transactions, including off-market opportunities.
- Advanced financial modeling skills with experience in cash flow analysis, valuation and returns analysis.
- Strong understanding of mobile home park operations to include lot rent economics, park-owned home programs, utility systems and resident home financing.
- Understand purchase agreements, leases, title and survey matters, and the due diligence process.
- Familiarity with numerous local manufactured housing regulations and local zoning considerations.
- Strong negotiation and relationship-building skills with brokers, lenders, individual and family owners.
- Strong written and verbal communication skills with both internal & external parties and at all levels within the organization.
- Solid time management skills with the ability to prioritize, organize and successfully balance multiple transactions at once.
- Must be able to exhibit initiative and work independently.
- Must have a strong work ethic and ability to work in a fast-paced environment.
- Must be a team player and work well with Senior Management, brokers, sellers, lenders and other daily contacts.
- MS Office proficiency expected; advanced Excel required.
- Experience with CoStar, CRM platforms or Yardi Voyager a plus.
COMPENSATION:BH Properties offers an excellent compensation package, an exciting opportunity, and the chance to grow with a well-capitalized, entrepreneurial company. For immediate consideration please submit resume with salary expectations. Resumes submitted with salary requirements will be considered first.
