UMH Properties has spent $10.3 million for Bayshore Estates, a 206-site manufactured housing community in Sandusky, Ohio. According to public records, the property’s most recent owner was an entity connected to Parkbridge Investment Group. The company acquired the asset back in 2009 for $4.5 million.
Located at 105 W. Shoreway Drive along the Sandusky Bay shoreline, the community is less than 2 miles from several dining and retail options and roughly 3 miles from the Cedar Point amusement park. Spread across 56 acres, the property was 86 percent occupied at the time of sale. Bayshore Estates was completed in 1970 and features recreational facilities.
According to UMH Properties President & CEO Samuel Landy, Ohio is one of the best performing states, and Bayshore Estates is well located within the REIT’s existing portfolio. Landy added that the REIT will improve the operating results of the property by investing in the infrastructure, as well as filling the remaining vacant sites with homes for rent and sale.
At the beginning of the year, UMH Properties acquired a 142-site manufactured housing community in South Carolina.
