ARA’s National Manufactured Housing Group Executes Sale of Two Communities within the Cincinnati MSA
Two All Age Communities Consist of 169-Site Property in Alexandria, Kentucky and 333-Site Property in Loveland, Ohio
Alexandria, KY and Loveland, OH (October 6, 2014) — Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, is pleased to announce the sale of Derby Hills Manufactured Home Community in Alexandria, Kentucky and Woodville Gardens Manufactured Home Community in Loveland, Ohio. Both properties are located within the Cincinnati MSA.
ARA National Manufactured Housing Group’s Andrew Shih, (based in Austin, TX), and Todd Fletcher and Jon Shay, (based in Denver, CO), represented the undisclosed institutional seller in the transaction. The REO properties were sold through www.Auction.com. The buyer for Derby Hills, SSK Communities, was a local investment company based in Erlanger, KY, while Woodville Gardens was purchased by a private, out of state buyer from the Dallas, TX area. Both buyers already own communities near their respective new purchases and plan to leverage existing operations as well as local knowledge in the management of these new acquisitions.
“These two communities were part of a five property, cross collateralized loan that ran into trouble a number of years ago,” said Andrew Shih. “Usually REO means weak performance, but Woodville Gardens operates at around 91% occupancy, while Derby Hills is at about 85% and both assets stayed at those strong levels without the community providing loans or renting homes.”
“Positive news in the Cincinnati MSA continues with companies like GE strengthening its position in the market by adding up to 1,500 more employees.” said Todd Fletcher, “News like this positions these assets to capture economic growth by providing attractive housing at affordable prices. We expect both to increase occupancy in the next couple of years.”
Derby Hills MHC was constructed between 1970 and 1986 and is comprised of 169 sites, while Woodville Gardens MHC was built in 1970 and is comprised of 333 sites. Both all age communities have public utilities and appealing, low density layouts with mature landscaping providing a peaceful atmosphere for residents. The communities have curbs, gutters and streetlights, and a mix of single and double section homes with attractive amenities.
Derby Hills and Woodville Gardens are both conveniently located near several major Cincinnati thoroughfares as well as the city’s vibrant downtown district which allows residents easy access to major employers including Kroger’s headquarters, the University of Cincinnati and Procter & Gamble, along with a number of sports venues, entertainment, and higher education facilities. Specifically, Derby Hills is situated near the Alexandria Village Green Shopping Center, a 392,606 square foot facility with 36 stores, a Walmart Supercenter, and the Cold Spring Crossing Shopping Center, while Woodville Gardens is located near many major entertainment attractions such as the Clermont County Fairground, the Little Miami Scenic Trail, the Cincinnati Zoo, the Newport Aquarium, and the Cincinnati Historical Museum.
To schedule an interview with an ARA executive 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, Allison Blount at email@example.com, 512.637.1229.