Manufactured Home Rental Company Expands with New Site
RIVERVIEW, Fla., Aug. 9, 2022 /PRNewswire/ — 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."
ERC was founded as a pioneer build-to-rent (B2R) real estate development company wholesaling mini-neighborhoods of affordable single-family homes. Led by senior executive experience of over 100 combined years and $1 billion in real estate, construction, asset management, and finance experience, the company is at the forefront of the emerging B2R boom. Using innovative internet crowd financing via Reg A offerings, ERC will offer investors the opportunity to invest in B2R homes. ERC plans to satisfy the pent-up demand of institutional investors for new rental housing, while meeting the need of millennials and others for single-family living without the hurdles of home ownership. The company will initially build in Florida, later expanding to other Southeastern states. For more information join our webinar or visit https://rega.erccommunities.com/.
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SOURCE ERC Communities