Manufactured Home Communities Sell For $244 Million
ELKHART, INThe once-niche market for manufactured home communities has started attracting some big players.
ELKHART, INUMH Properties Inc. just became the latest player in the housing market to expand its holdings in manufactured homes. The Freehold, NJ-based company bought two such communities in Elkhart, IN: 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, which sold for a total of $24.4 million, occupy approximately 155 acres and feature 559 home sites.
They have been eyeing the properties for a while, Kyle Baskin, first vice president, investments, in Cleveland office, tells GlobeSt.com. UMH owns several other manufactured housing communities in the growing city, and that made purchasing these two a golden opportunity.
Baskin, along with Jonathon McClellan, first vice president, investments, and Michael DiCillo Jr., associate, represented the seller and procured the buyer. Josh Caruana, vice president and regional manager of the firms Indianapolis office, is Marcus & Millichaps broker of record in IN.
Finding 559 high-quality sites anywhere is difficult, Baskin adds, especially at a relatively reasonable price.
Boardwalk Elkhart In Real Estate & Homes For Sale
There are 993 active homes for sale in Boardwalk, Elkhart, IN. Some of the hottest neighborhoods near Boardwalk, Elkhart, IN are East Jackson, Northside, Riverview East, Grant, East Lake. You may also be interested in single family homes and condo/townhomes for sale in popular zip codes like 46514, 49091, or three bedroom homes for sale in neighboring cities, such as Elkhart, South Haven, Warsaw, New Buffalo, Three Rivers.
Frequently Asked Questions :
- Where is Boardwalk Retirement Community?
Boardwalk Retirement Community is located at: 2105 Osolo Rd, Elkhart, Indiana 46514.
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- What is the phone number of Boardwalk Retirement Community?
You can try to dialing this number: 266-0038 – or find more information on their website: www.commhomesales.com
- Where are the coordinates of the Boardwalk Retirement Community?
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Frequently Asked Questionsabout Boardwalk Retirement Community
- What’s the address of Boardwalk Retirement Community?
This place is located at the following address: United States, Elkhart, IN 46514, 2105 Osolo Rd.
- Is there a phone number for Boardwalk Retirement Community?
The phone number for this organisation is 266-0038.
- What are the business hours for Boardwalk Retirement Community?
Boardwalk Retirement Community works at the following schedule: Mon-Fri: 9AM – 5PM.
- How highly is Boardwalk Retirement Community rated on Nicelocal?
On average, this place is rated 4.3 out of 5.You can visit theBoardwalk Retirement Community reviewssection to leave your own feedback!
- Is the information on this page reliable?
Nicelocal is doing everything in its power to post reliable details about businesses in its catalog.If you’ve found a mistake or if you are an official representative of Boardwalk Retirement Community, please get in touch with us by using the feedback form.
Two Indiana Manufactured Home Communities Sell For $244 Million
ELKHART, Ind., Feb. 7,2017 Marcus & Millichap , 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 ownerships already strong regional presence and provides an excellent opportunity to increase occupancy and grow revenue, says Jonathon McClellan, first vice president investments in Marcus & Millichaps 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 firms Indianapolis office, is Marcus & Millichaps 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 EastWest Toll Road.
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