MacKenzie Offers $8.00 Per Share of Uniprop Income Fund II

MacKenzie Realty Capital Inc., a non-traded business development company, made a tender offer for up to 625,000 units of limited partnership interest in Uniprop Manufactured Housing Communities Income Fund II for $8.00 per unit. The offer expires on May 2, 2016.

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.

Mackenzie and their affiliates currently own 195,532 units of the fund, or 5.92 percent of those outstanding. In June 2015, Mackenzie purchased the units for $4.50 each, nearly 80 percent less than the current offer.

The current offer of 625,000 units constitutes 18.92 percent of the outstanding units. If all are tendered, Mackenzie would pay $5 million out of their current working capital.

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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