ARA’s National Manufactured Housing Group Executes Sale of Western Reserve MHC

ARA’s National Manufactured Housing Group Executes Sale of Western Reserve MHC Buyer Acquires a 152SiteFamily Community in Madison, OH Madison, OH (February 09, 2015) — Atlanta headquartered ARA, the largest full service investment advisory brokerage firm in the nation focusing exclusively on the multi housing industry, is pleased to announce the sale of the 152 site Western Reserve Manufactured Home Community in Madison, Ohio. ARA National Manufactured Housing Group’s Andrew Shih based in Austin, Texas, and Todd Fletcher and Jon Shay based in Denver, Colorado, represented the deceased Owner’s Trust in the transaction. The buyer was a private investor from San Diego, who has been building a small portfolio of manufactured housing communities primarily throughout the Midwest. “Unfortunately, our seller passed away during the marketing of the property,” said Shih. “He was a longtime owner but the property needed some work and a new capital infusion will greatly help the property operations,” commented Fletcher. Western Reserve is conveniently located just steps away from the shores of Lake Erie in Madison, Ohio, which has a population of over 3,000. This community is located within the Madison Local School District, which received the “Excellent Rating” by the State of Ohio’s Board of Education. This sizable community is also in close proximity to several retail and entertainment destinations including the Madison Plaza Shopping Center, which is home to Great Lakes Outdoor Supply, Walgreens, Rite Aid, Sports & Sports, Giant Eagle and Radio Shack, along with several other restaurants. The city of Madison is conveniently situated off major thoroughfare Interstate 90, which leads to Cleveland, 45 miles to the southwest and Ashtabula, Ohio, 16 miles to the northeast. Cleveland is also home to the corporate headquarters of companies such as Applied Industrial Technologies, Cliffs Natural Resources, Eaton NACCO Industries, Sherwin Williams, and KeyCorp. To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 404.990.4900 or Amy Morris at amorris@ARAusa.com , 404.990.4902; locally, Eva Coffee, at ecoffee@ARAusa.com , 512.637.1216.