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Subsequent Events
12 Months Ended
Dec. 31, 2016
Subsequent Events [Abstract]  
Subsequent Events

NOTE 15 – SUBSEQUENT EVENTS

 

Material subsequent events have been evaluated and are disclosed herein.

 

On January 18, 2017, the Company drew down the remaining $15,000,000 on our Credit Facility in anticipation of community acquisitions.

 

On January 20, 2017, the Company acquired two manufactured home communities, Hillcrest Estates and Marysville Estates, located in Ohio for approximately $9,588,000. These all-age communities contain a total of 532 developed homesites that are situated on approximately 149 total acres. At the date of acquisition, the average occupancy for these communities was approximately 57%.

 

On January 20, 2017, the Company acquired two manufactured home communities located in Osolo, Indiana for approximately $24,437,000. This acquisition consists of Boardwalk, an age restricted community containing 195 homesites and Parke Place, an all-age community containing 364 homesites. These communities are situated on approximately 155 total acres. At the date of acquisition, the average occupancy for these communities was approximately 77%. In conjunction with this acquisition, the Company obtained a $14,250,000 Freddie Mac mortgage with Wells Fargo. The mortgage has an interest rate of 4.56% and a 10-year term with a 30-year amortization.

 

On January 24, 2017, the Company acquired Hillcrest Crossing, a manufactured home community located in Lower Burrell, Pennsylvania for approximately $2,485,000. This all-age community contains a total of 200 developed homesites that are situated on approximately 78 total acres. At the date of acquisition, the average occupancy for these communities was approximately 40%.