BLOOMINGTON – March 14, 2016 – Abington Emerson Investments, LLC, a privately held value add real estate investment firm, purchased Southcrest Mobile Home Manor (“Southcrest”) in Bloomington, Indiana, for $4.05 million.
“We are extremely excited about the acquisition of Southcrest Mobile Home Manor” said Johnny Camarena, Senior Vice President of Acquisitions for Abington Emerson. “We are purchasing this asset at a very attractive cap rate with a lot of opportunity to add value.”
Southcrest is a 203 pad site Manufactured Housing Community situated on approximately 51 acres of land. The property has been family owned for more than forty (40) years and was approximately eighty percent (80%) occupied at the time of acquisition. It is located in Bloomington, Indiana, which includes a population of more than 162,000 residents, 42,000 students and has large corporate offices of General Electric, Baxter Healthcare and Cook Group, Inc.