REBusinessOnline

FIVE-PROPERTY MANUFACTURED HOME PORTFOLIO SELLS FOR $11.8M

CLEVELAND, OHIO — Marcus & Millichap has arranged the $11.8 million 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 sales price equates to approximately $22,736 per site. Kyle Baskin and Jonathon McClellan, senior associates in Marcus & Millichap’s Cleveland office, represented the seller, Melrose MHP LLC. UMH Properties Inc., a public equity REIT based in Freehold, Township, N.J., was the buyer. The Melrose Portfolio includes 519 developed manufactured home sites situated on approximately 200 acres. Average occupancy at the time of sale was approximately 82 percent.

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