ERC Manufactured Home Community
Update
08/10/22
Manufactured Home Rental Company Expands with New Site
ERC Communities 1, Inc. is extremely proud to announce the acquisition of its second site in suburban Tampa. The additional site is adjacent to its current 60-unit site, now bringing its development to 118 rental units. The approximate total development cost is $23 million and annual gross rental revenues are projected at approximately $2.5 million. Finalization of construction financing for all the land development and preparation for delivery of homes are on track to commence mid-August. ERC Communities has plans to expand rapidly in Florida and the Southeast United States.
ERC is meeting an extremely high market demand for affordable housing. "In today's highly competitive housing market, millions of Americans are priced out of buying a home, often competing with all-cash offers well above asking prices. Rents are skyrocketing, too, causing overall housing affordability to collapse at its fastest rate on record," According to a recent PBS article.
The Tampa Bay Business Journal recently featured ERC Communities Chairman, Jerry Ellenburg in an article titled "Built-to-rent single family communities take off in Tampa Bay." Ashley Kritzer provided an overview of the benefits. "Think of these developments as combining the best attributes of multifamily and single-family home communities: They offer investors and developers the efficiency of managing a multifamily property, and tenants are offered the extra space and amenities that they would find in a for-sale, single-family home community."
