UMH PROPERTIES, INC. COMPLETES ACQUISITION OF OHIO MANUFACTURED HOME COMMUNITY
November 22 2022 - 6:08PM
UMH Properties, Inc. (NYSE: UMH) closed on the acquisition of a
manufactured home community, located in Canton, Ohio, for a total
purchase price of $19.1 million. This community contains 321
developed homesites, of which 77% are occupied. It is situated on
approximately 170 acres.
Samuel A. Landy, President and Chief Executive
Officer, commented, “We are pleased to complete the acquisition of
Fohl Village. This is a high-quality community located in a strong
market that we have historically performed well in. This community
is in good condition, with limited deferred maintenance and capital
improvements, and with strong upside through the infill of vacant
sites. We plan on implementing our rental home business model which
will improve operating results and increase the property value.
“We continue to opportunistically acquire
communities that meet our growth criteria. Year-to-date, we have
acquired six communities containing 1,226 sites for a total
purchase price of $63 million. These communities have a blended
occupancy rate of 59%, and significant upside through the infill of
vacant sites.”
UMH Properties, Inc., which was organized in
1968, is a public equity REIT that owns and operates 133
manufactured home communities with approximately 25,300 developed
homesites. These communities are located in New Jersey, New York,
Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama
and South Carolina. UMH also has an ownership interest in and
operates one community in Florida, containing 219 sites, through
its joint venture with Nuveen Real Estate.
Contact: Nelli Madden
732-577-9997
# # # #
UMH Properties (NYSE:UMH)
Historical Stock Chart
From Jul 2024 to Aug 2024
UMH Properties (NYSE:UMH)
Historical Stock Chart
From Aug 2023 to Aug 2024