The Candlelight Village manufactured housing park in Columbus has been sold to a Colorado company as part of an acquisition of a portfolio of residential communities in four states.
YES! Communities, based in Denver, purchased Candlelight Village, 3671 Candlelight Drive, as one of 24 communities involving more than 6,800 residential homes in Michigan, Indiana, Illinois and Texas. The properties were formerly affiliates of Four Leaf Properties.
The sale from CLV Partners to YES Companies EXP Fred LLC was finalized this month for $21.5 million, according to the Bartholomew County assessor’s office.
“This acquisition of family-oriented properties in solid Midwest markets fits exceptionally well into our portfolio and offers considerable upside potential through the leasing of presently vacant home sites,” said Steven Schaub, CEO of YES! Communities.
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As a result of the acquisition, the company’s portfolio now includes 213 manufactured home communities involving more than 54,000 home sites in 18 states. YES! Communities was attracted to the Columbus market because of its strong economic factors, including employment growth, said Karlee Stagner, spokeswoman for YES! Communities.
Stagner said the company is still evaluating whether any potential improvements will be made at Candlelight Village, which currently has 585 homes. The mobile home park is located on the north side of Columbus.
While each acquisition is different, the company sets aside capital to address improvements or additions needed, which could include updating or installing amenities, purchasing new homes for vacant lots or improving existing infrastructure, she said.
“We are excited about our new presence in Columbus, Indiana with the acquisition of Candlelight Village and we look forward to working with the residents and community management team to make it the go-to affordable housing in the Columbus area,” Stagner said.
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Candlelight Village, which has 585 homes, is located at 3671 Candlelight Drive on the north side of Columbus just off Rocky Ford Road.
More information: Visit yescommunities.com/community/candlelight-village
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