Word has arrived from New South Wales (NSW), Australia that manufactured home community (MHC) owner Ingenia Communities has acquired South West Rocks Tourist Park in NSW for $8.5 million ($6.03M USD), but only the business and not the land, reports abc.net.au.

As MHProNews posted Oct. 21, 2015, Ingenia acquired Lakeside Lara outside Melbourne, an MHC comprised of 56 occupied MH, 13 that have not been sold and 164 undeveloped sites on 20.5 acres for just under $11.8 million USD.

Ingenia CEO Simon Owens stated over the next 3-5 years they intend to pour $10.65 million (USD) into South West Rocks, updating the tourism stock and adding 54 affordable MH.

Owens said, “Our business model meets two of the key challenges facing Australia today, and that’s an aging population and also a housing affordability crisis,” he said. “That’s where the manufactured home business comes in. Secondly, with an aging population and more people jumping in a caravan and traveling around Australia, opportunities to acquire businesses like South West Rocks are few and far between.”

Ingenia’s MH portfolio consists of 22 Active Lifestyle Estates MHCs and 31 Garden Estates, which are rent only, but both are targeted to seniors. Ingenia sold 100 MH last year in its communities, and expects to sell 120 this year. The company also owns a series of other tourist parks. ##