Buyer Acquires a 315-Site All Age Community in Louisville, Kentucky

 ARA’s National Manufactured Housing Group Executes Sale of Holiday Manufactured Home Community in Kentucky

Buyer Acquires a 315-Site All Age Community in Louisville, Kentucky

 Louisville, Kentucky (September 15, 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 Holiday Manufactured Home Community in Louisville, Kentucky.

 ARA National Manufactured Housing Group’s Andrew Shih (based in Austin, TX), and Todd Fletcher and Jon Shay (based in Denver, CO), represented the Seller, a privately held company based in Arizona, in the transaction. The Buyer, David Worth with Ravinia Communities based in Chicago, was attracted to the asset because of its occupancy upside in a growing market. They plan to bring in more homes to increase performance. Ravinia currently owns and operates 12 manufactured home communities containing approximately 2,500 home sites in eight states.

 "Holiday MHC was a great opportunity to acquire a large all age manufactured housing community with

a solid existing tenant base providing great cash flow, yet still a tremendous opportunity to generate higher returns by filling vacant homes and sites." said Shih. "The interest from investors was significant." said Fletcher, "The capital markets have opened up significantly, which allowed the buyer to finance the acquisition with a very attractive long term, fixed rate, non-recourse loan that should generate a strong return out of the gate."

 Holiday MHC was constructed between 1965 and 1970 and is comprised of 315 sites with public utilities. In addition to the community, the sale included 19 inventory homes as well as a small a neighboring parcel of land with approved plans to develop a mini-storage facility.

 Holiday is conveniently located on the southern side of Louisville, the largest city in Kentucky with a population of over 1.3 million in the MSA. It is located in the heart of what is called the "Renaissance Zone", a 3,000 acre zone south of the Louisville International Airport established as a tax-increment financing district to encourage industrial development. UPS (United Parcel Service) has taken advantage of the Renaissance Zone by allocating $2 billion in expansion funds in the area since 2002, creating thousands of jobs. In addition, there are five Amazon.com fulfillment centers in the Louisville MSA, including a new center built in 2013 roughly 10 minutes from Holiday. Residents of Holiday MHC enjoy convenient access to major thoroughfares including Interstate 65, which leads through the heart of Louisville all the way to Indianapolis, IN, 124 miles to the north.

 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 ablount@arausa.com, 512.637.1229.