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Subsequent Events
3 Months Ended
Mar. 31, 2015
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 10 – SUBSEQUENT EVENTS

 

Management has evaluated subsequent events for disclosure and/or recognition in the financial statements through the date that the financial statements were issued and are disclosed herein.

 

On April 1, 2015, the Company obtained a $12,670,000 Freddie Mac mortgage through Wells Fargo on Cedarcrest Village. The interest rate on this mortgage is fixed at 3.71%. This mortgage matures on May 1, 2025, with principal repayments based on a 30-year amortization schedule.

 

On April 23, 2015, the Company acquired two manufactured home communities located in Pennsylvania for a total purchase price of $5,300,000. This all-age communities contain a total of 324 developed home sites that are situated on approximately 141 total acres. The weighted-average occupancy for these communities is approximately 63%.