MacKenzie Completes Uniprop Tender Offer

MacKenzie Realty Capital Inc., a non-traded business development company, purchased a total of 24,457 units of Uniprop Manufactured Housing Communities Income Fund II at a purchase price of $8.00 each.

Uniprop Manufactured Housing Communities Income Fund II is a limited partnership that acquires, maintains, and operates residential real properties in the United States. The company had 2,263 holders of record owning a total of 3.3 million units as of December 31, 2015.

As previously reported by The DI Wire, MacKenzie offered to purchase up to 625,000 units of limited partnership interest of Uniprop Income Fund II.

Following the tender offer, Mackenzie will own a total of approximately 192,392 units, or 5.82 percent of those outstanding. In June 2015, Mackenzie purchased the units for $4.50 each, nearly 80 percent less than the current offer.

Uniprop recently stated that it intends to liquidate its remaining investments and dissolve the fund, although no timeframe has been given.

MacKenzie Capital Management LP, a real estate investment management business based in Moraga, California, is the sponsor of MacKenzie Realty Capital and has specialized in the area of discounted real estate securities and asset management since its formation in 1982.

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