Springfield mobile home park sold to Kentucky-based real estate investment trust
A Springfield mobile home community has a new owner.
Erlanger, Kentucky-based Flagship Communities Real Estate Investment Trust bought Woodland Acres Mobile Home Park, 3500 N. Dirksen Parkway, Springfield, for $16.3 million. The community spans 50 acres and has 231 units at that location, according to a news release.
“The community is one of the highest-quality and well-managed properties in the area, making it a great fit for the buyer as they enter into the Illinois market,” said Colliers International’s Michael Nissley, who helped broker the sale. “The property is income-producing and located just minutes from grocery stores, restaurants, shopping, golf courses, and many of the Abraham Lincoln National Heritage sites. As we continue to see strong demand for affordable housing across the United States, mobile home parks of this caliber continue to be a strong investment.”
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Woodland Communities was first registered in 2015 and its previous ownership was credited to a trust in the name of Ronald Coleman. As of late September, the mobile home community had a 94% occupancy rate with an average monthly rent of $373.
Credited for its affordability, mobile homes’ property value increased 12% in 2020, according to Green Street Data, a real estate research and advisory firm.
This is the only property Flagship Communities owns in Illinois. It owns housing communities in six other states.
This article originally appeared on State Journal-Register: Springfield IL mobile home park has new owner
