Flagship REIT Expands in Ohio with $6M Manufactured Housing Deal
Flagship Communities Real Estate Investment Trust has purchased a 96-lot manufactured housing community in Cleves, Ohio. The deal, worth approximately $6.0 million, marks the company's latest expansion in the Greater Cincinnati area. The newly acquired site is already 96% occupied and offers room for further growth.
The property was sold by Empower Park, LLC, with the final price reflecting a 5% discount from its appraised value. Funding came from a mix of available cash and newly issued Class B units by Flagship Operating, LLC.
Located near Interstate 275, the community sits close to recreational parks, golf courses, and essential social services. Cincinnati's proximity adds to its appeal. Empower had previously upgraded the site, improving infrastructure and adding new amenities. This acquisition builds on Flagship's recent activity in the region. Since 2022, the REIT has bought three other manufactured housing communities in the Cincinnati area, including another in Cleves. The latest purchase also includes potential for expansion, with space for an additional 12 lots. Flagship specialises in affordable residential communities, catering mainly to working families. The company now operates sites across eight states, including Ohio, Kentucky, Indiana, and Tennessee.
The deal reinforces Flagship's position in Ohio and aligns with its strategy of growing in high-demand areas. The 96% occupancy rate suggests strong demand, while the option to expand by 12 lots provides future development opportunities. The REIT continues to focus on affordable housing solutions for working families.
