The LLC developer has acquired the Galilee Lodge in Townsville and the Koinonia Village in Ayr from the Not For Profit.
The Townsville village has 12 units plus undeveloped land for 12 more units, while the Ayr village has 18 units – that’s just $60K per unit. The managers of other local Eureka villages will support them.
Eureka says both villages have high occupancy rates and will generate an initial 11% return on the sale price, but there is still room for improvement.
They invested over $11M in four villages last year.