ELKHART, IN—UMH 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 Marcus & Millichap's 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 firm's Indianapolis office, is Marcus & Millichap's broker of record in IN.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
