Five-Property Manufactured Home Community Portfolio in New York and Ohio Purchased by UMH Properties Inc. for $11.8 Million

Melrose Portfolio of manufactured homes in New York and Ohio

Kyle Baskin

CLEVELAND, OH, Nov. 27, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of the Melrose Portfolio, a five-property manufactured housing portfolio. Four communities are located in Ohio and one is in New York State. The $11.8 million sales price equates to approximately $22,736 per site.

Jonathan McClellan

            Kyle Baskin and Jonathon McClellan, senior associates in Marcus & Millichap’s Cleveland office, represented the seller, Melrose MHP LLC. The buyer is public equity real estate investment trust UMH Properties Inc.

            J.D. Parker, first vice president and regional manager of the firm’s Manhattan office, is Marcus & Millichap’s broker of record in the state of New York.

JD Parker

            “Demand for manufactured housing is strong in metros that lack affordable housing and in areas near shale deposits, such as eastern Ohio, where sizeable job growth can overwhelm the existing housing supply,” says McClellan. “The Melrose Portfolio is well positioned to benefit from growing demand and UMH’s sales and rental programs.”

            The Melrose Portfolio communities contain 519 developed home sites situated on approximately 200 acres. Average occupancy at the time of sale was approximately 82 percent

 For a complete copy of the company’s news release, please contact:

 Gina Relva

Public Relations Manager

(925) 953-1716