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| Part of eight-property manufactured home portfolio in Ohio |
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| Kyle Baskin |
CLEVELAND, OH – Marcus & Millichap (NYSE: MMI), a
leading commercial real estate investment services firm with offices throughout
the United States and Canada, announced the sale of a 1,013-site eight-property
manufactured home community portfolio in Ohio.
The total sales price is
$24,950,000, which equates to $24,630 per site.
Kyle
Baskin, senior associate, and Jonathon McClellan, associate vice
president investments, both in Marcus & Millichap’s Cleveland office,
represented the seller, Evergreen Communities, and procured the buyer, UMH
Properties Inc.
“With the
growing demand for affordable housing in the Marcellus and Utica Shale region,
we, along with the seller, felt that the time was right for the disposition of
these eight assets,” says McClellan.
“The seller took advantage of the strong
market conditions and UMH will benefit from the substantial upside that the
communities have to offer.”
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| Jonathan McClellan |
Located
throughout Ohio, these all-age manufactured home communities are situated on
approximately 270 total acres. The average occupancy is approximately 70
percent.
UMH
Properties Inc. is a public equity real estate investment trust that owns and
operates 82 manufactured home communities in Indiana, Michigan, New Jersey, New
York, Ohio, Pennsylvania and Tennessee.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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