Two Indiana Manufactured Home Communities Sell for $24.4 Million
ELKHART, Ind., Feb. 7,2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of two manufactured home communities in Elkhart, Indiana: Parke Place Estates, a 364-site all-age community and Boardwalk Retirement Community, a 195-site, 55-plus age-restricted community. Together, the two properties are located on approximately 155 acres, feature 559 homesites and sold for a total of $24,437,000.
“The acquisition adds to new ownership’s already strong regional presence and provides an excellent opportunity to increase occupancy and grow revenue,” says Jonathon McClellan, first vice president investments in Marcus & Millichap’s Cleveland office.
McClellan, along with Kyle Baskin, first vice president investments and Michael DiCillo Jr., associate, represented the seller and procured the buyer, UMH Properties Inc. Josh Caruana, vice president and regional manager of the firm’s Indianapolis office, is Marcus & Millichap’s broker of record in Indiana.
“The purchaser saw the opportunity to grow synergy between existing assets and the acquisitions,” adds Baskin. “Seller and buyer worked hand in hand throughout the process to make the transaction timely and successful.”
The properties are located at 2231 Osolo Road in Elkhart, just south of the Indiana East–West Toll Road.