Printer Friendly

ROC COMMUNITIES ACQUIRES THREE PROPERTIES

 ENGLEWOOD, Colo., Jan. 5 /PRNewswire/ -- ROC Communities Inc. (NYSE: RCI), a self-administered real estate investment trust (REIT) owning manufacture home communities, today announced the acquisition of three properties -- two in Boise, Idaho, and one in Grand Forks, N.D. The Boise properties, Coach Royale Manufactured Home Community and Shenandoah Estates Manufactured Home Community, contain 240 residential sites, 104 mini-storage units, and 135 RV storage spaces. The Grand Forks property, President's Park Manufactured Home Community (MHC), has 174 homesites.
 "We are pleased to add these communities to our REIT portfolio," declared Gary P. McDaniel, president and chief executive officer of ROC Communities. "All three properties historically have maintained high, stable occupancies.
 "The transactions were made possible due to our long-standing relationship with the sellers, an important point in these competitive markets," McDaniel expanded. "These acquisitions are in accordance with our investment criteria and business plan. In addition, we have other communities in these markets which enables us to take advantage of economies of scale in our management operations," he continued.
 The three Communities were purchased for $6,442,000, including closing costs.
 "This brings the total number of acquisitions over the last two months to four communities," McDaniel said. "We have one additional property to purchase in Greeley, Colorado. We expect to close the purchase of this property in the next week or so. This will fully utilize the spending of the funds available from the underwriter's overallotment from the company's initial public offering which concluded on August 19, 1993."
 ROC Communities is based in Englewood. The two Boise and one Grand Forks transactions bring the total number of communities within the REIT to 51 and the total number of homesites to 11,472. ROC operates in 28 states.
 -0- 1/5/94
 /CONTACT: Cynthia A. Chase or Steven G. Davis of ROC Communities, 303-741-3707/
 (RCI)


CO: ROC Communities Inc. ST: Colorado, Idaho, North Dakota IN: SU: TNM

MC -- DV003 -- 9345 01/05/94 12:32 EST
COPYRIGHT 1994 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 5, 1994
Words:326
Previous Article:FORD WINDSTAR -- NEXT GENERATION MINIVAN
Next Article:PANCHO'S MEXICAN BUFFET REPORTS COMPARABLE STORE SALES UP 14.3 PERCENT FOR FIRST QUARTER; OPENS 69TH RESTAURANT
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters