NEW JERSEY—UMH Properties Inc., a publically owned REIT based in Freehold, has acquired a portfolio of 11 manufactured home communities throughout Pennsylvania and New York for $28.25 million.
These 11 multifamily communities, 10 of which are located in Pennsylvania with the remaining community located in New York, total 968 sites situated on 200 acres. The average occupancy for these communities is approximately 92 percent.
Samuel A. Landy, president, said, "We are very pleased to announce the closing of this significant acquisition. These communities are an excellent fit to our existing portfolio. Pennsylvania is a state that has enjoyed a stable economy over the long term and is poised for above average growth in the future."
With this closing, UMH owns 53 communities consisting of approximately 10,100 developed home sites.
UMH owns and operates manufactured home communities in New Jersey, New York, Pennsylvania, Ohio, Tennessee and Indiana. In addition, the Company owns a portfolio of REIT securities.