Investment Property and Equipment

3 Months Ended

Mar. 31, 2015

Investment Property and Equipment [Abstract]

INVESTMENT PROPERTY AND EQUIPMENT

NOTE 3 – INVESTMENT PROPERTY AND EQUIPMENT

On January 21, 2015, the Company acquired Holly Acres, a manufactured home community located in Erie, Pennsylvania for $3,800,000. This all-age community contains a total of 141 developed home sites that are situated on approximately 40 total acres. The average occupancy for this community is approximately 96%. The Company assumed a mortgage loan with a balance of approximately $2,300,000. The interest rate on this mortgage is fixed at 6.5%. This mortgage matures on October 5, 2021.

This acquisition has been accounted for utilizing the acquisition method of accounting in accordance with ASC 805, Business Combinations, and accordingly, the result of the acquired assets are included in the statements of operations from the dates of acquisition. The following table summarizes the estimated fair value of the assets acquired for the quarter ended March 31, 2015:

	At Acquisition Date
Assets Acquired:
Land	$194,000
Depreciable Property	3,606,000
Total Assets Acquired	$3,800,000

The purchase price allocations are preliminary and may be adjusted as final costs and valuations are determined.