Toronto-headquartered Flagship Communities Real Estate Investment Trust (TSX:MHC.U, MHC.UN) has paid a combined $79 million to acquire manufactured housing communities (MHC) in Indiana and Ohio.
Flagship completed the acquisition of a community in Seymour, Indiana, for $45 million. This community is comprised of 744 lots of which 91.2% are occupied and includes 85 lots for future expansion.
The company paid $34 million to acquire a portfolio of three separate communities in the Greater Cincinnati market. The portfolio totals 496 lots, of which 65.5% are occupied.
“These strategic acquisitions expand Flagship’s presence in our key markets of Indiana and Ohio, thereby enabling us to generate economies of scale and operational synergies,” said Kurt Keeney, president and CEO. “Through the installation of new amenities and the potential to add 85 lots at the Seymour MHC and the occupancy upside potential for the three Greater Cincinnati MHCs, we expect these acquisitions to be highly desirable homeownership options that will also add value for unitholders.”
