UMH PROPERTIES, INC. COMPLETES ACQUISITION OF NEW JERSEY MANUFACTURED HOME COMMUNITY
December 15 2022 - 4:34PM
UMH Properties, Inc. (NYSE: UMH) closed on the acquisition of a
manufactured home community, located in Jackson, New Jersey, for a
total purchase price of $23 million. This community contains 260
developed homesites, of which 98% are occupied. It is situated on
approximately 42 acres.
Samuel A. Landy, President and Chief Executive
Officer, commented, “We are pleased to complete the acquisition of
Oak Tree Estates located in Jackson, New Jersey. It is very well
located in a market with high rents and strong sales demand. The
community is located near our corporate office and Southwind
Village, which we have successfully operated for 53 years, and
creates operating efficiencies that should result in improved
operating results. While this community is 98% occupied, there is
upside in sales profits and bringing the rents to market as the
units are replaced. This turnover will allow us to install new
homes thereby improving the quality of the community while
generating strong sales profits and bringing the rental rates to
market.
“We continue to seek opportunistic acquisitions
that meet our growth criteria. This year we completed the
acquisition of 6 communities, containing approximately 1,500 sites
for a total purchase price of $86.3 million.”
UMH Properties, Inc., which was organized in
1968, is a public equity REIT that owns and operates 134
manufactured home communities with approximately 25,600 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.
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Contact: Nelli
Madden732-577-9997
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