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Australian Firm Focusing Exclusively on Manufactured Housing Communities

Updating a story we last posted Sept. 4, 2013 about the acquisition of two manufactured housing community (MHCs) properties by Ingenia Communities in Australia, MHProNews has learned the company has raised $61.5 million to fund the acquisition of eight additional MHCs. Although contracts have been exchanged on only the Drifters Holiday Village at Kingscliff on the north coast of New South Wales (NSW), the company will announce the purchase of the remaining seven properties when the deals are finalized. Chief Executive Simon Owen states the company intends to focus solely on MHCs. “We spent two years researching this market before we made our first acquisition,” he said. All eight properties are in NSW, close to urban areas, or in Sydney. “We want to build a dominant footprint in the NSW market before we look to expanding into Queensland and Western Australia,” Mr. Owen said, as reported by theaustralian.com.au.

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