Flagship Communities Real Estate Investment Trust Bolsters Presence in Key Market of Ohio

Core Viewpoint - Flagship Communities Real Estate Investment Trust has acquired a 96-lot manufactured housing community in Cleves, Ohio, enhancing its presence in the region and aligning with its growth strategy focused on established communities with occupancy and growth potential [1][3]. Acquisition Details - The acquisition includes a 96-lot manufactured housing community that is currently 96% occupied, with potential for future expansion to add 12 more lots [1][3]. - The purchase price for the community is approximately $6.0 million, reflecting a 5% discount to its appraised value, funded through cash and the issuance of Class B units at a price of $19.54 [5]. Improvements and Amenities - Significant improvements have been made to the community since 2022, including infrastructure upgrades and new amenities such as a clubhouse, playground, ball field, and basketball court [2]. - The community is strategically located near major highways and recreational areas, providing access to grocery stores, retail services, and social services [4]. Strategic Growth - The acquisition is part of Flagship's disciplined growth strategy, which has been in place for over 30 years, focusing on buying established communities with occupancy and growth potential [3]. - The company aims to improve operating efficiencies and generate economies of scale through this acquisition, further solidifying its market presence in the Cincinnati area [4]. Company Overview - Flagship Communities Real Estate Investment Trust operates affordable residential manufactured housing communities primarily serving working families seeking home ownership across several states, including Kentucky, Indiana, Ohio, and others [6].