BBG, a leading due diligence commercial real estate firm, today announced that it is now offering valuation and assessment services for the manufactured housing communities, recreational vehicle parks and campgrounds, fast-growing sectors in the commercial real estate industry.
BBG's newest service will be led by Erik J. Hanson, MAI, who has extensive experience and knowledge in appraising these property types and other commercial properties. As Managing Director and National Practice Leader-MHC, Mr. Hanson's new role will be to establish and grow this practice group.
This group was formed to provide the highest quality valuations and assessments required for properties specifically used for manufactured housing and recreational vehicles, markets that have demonstrated considerable growth.
In recent years, there has been a boom in manufactured housing purchases primarily due to their affordability compared with single-family, site-built homes. According to an industry report, the manufactured home industry built nearly 95,000 new homes in 2019, which represented about 10 percent of new single-family home starts.
There also has been a steady increase in demand for RVs, driven by both retiring baby-boomers and the millennial generation, who make up 40 percent of RV owners.
During his career, Mr. Hanson has specialized in appraisal and consulting for hundreds of manufactured housing communities and RV parks and campgrounds throughout the Midwest and Great Plains.
Before joining BBG, Mr. Hanson served as a Vice President at Wisconsin-based Midwest Appraisal Group, where he appraised various property types including apartments, mixed-use, industrial, retail, hospitality, recreational and land. He also held senior-level positions at other regional appraisal firms.
Mr. Hanson is currently serving as the Chapter President for Appraisal Institute's Wisconsin Chapter and has held other leadership roles for the chapter and a discussion leader for the Leadership Advisory Development Council. He has also appeared as a guest on several manufactured housing community-related podcasts and is a frequent contributor to industry-related groups' social media platforms.
Executive Managing Director Bill Britain commented: "Our decision to offer these services for this asset class is due to current market demand for these properties and its highly attractive growth potential in the years ahead. We are extremely fortunate to have Erik lead our newest venture, as his outstanding track record in this sector will greatly benefit our clients, as well as our strategic vision in finding and developing new practice groups."
Mr. Hanson added: "The need for valuation and assessment services in the MHC and RV park and campground space has grown considerably within the past few years. BBG's commitment to a client-focused approach, as well as its leadership in appraisal-related technology will provide our team with a platform to meet client needs in these niche asset classes. I'm very much looking forward to leading this team of talented professionals in markets throughout the country."
About BBG
BBG offers comprehensive due diligence services including valuation, advisory, property assessment, energy services, cost segregation, and zoning. Headquartered in Dallas, the firm has 37 offices in key US markets and more than 2,700 clients. As one of the Big Five national commercial real estate valuation firms, BBG has achieved a reputation for personal attention, on-time delivery and deep expertise in multi-family, office, retail and industrial sectors. For more information about BBG, please visit www.bbgres.com.
