UMH PROPERTIES, INC. ANNOUNCES ACQUISITION OF A GEORGIA COMMUNITY THROUGH ITS QUALIFIED OPPORTUNITY ZONE FUND
January 19 2023 - 4:30PM
UMH Properties, Inc. (NYSE: UMH) today announced that it closed on
the acquisition of a manufactured home community located in Albany,
Georgia, for a total purchase price of $3.65 million through UMH’s
qualified opportunity zone fund. This brand-new community contains
118 developed homesites and is situated on approximately 26 acres.
Samuel A. Landy, President and Chief Executive
Officer, commented, “We are pleased to announce the acquisition of
Mighty Oak, a newly-developed manufactured housing community
located in Albany, Georgia. This is our first community located in
Georgia and it further expands our footprint in the Southeast.
Several major corporations located nearby, such as Pratt
Industries, Thrush Aircraft and Amadas Industries, have made or
have announced plans to make significant new capital investments to
their facilities, creating a growing workforce in Albany that needs
quality affordable housing. We, therefore, plan to implement our
rental home program in our community, which should result in rapid
infill and strong returns.
“This is our second community acquired through
our qualified opportunity zone fund. By providing quality
affordable housing in opportunity zones, we will help make these
areas even more attractive to employers who need housing for their
employees. UMH will earn fees to manage the community and will have
the first right to purchase the community upon divestiture by the
fund. We look forward to acquiring additional communities in
opportunity zones throughout the country.”
UMH Properties, Inc., which was organized in
1968, is a public equity REIT that owns and operates 135
manufactured home communities with approximately 25,700 developed
homesites. These communities are located in New Jersey, New York,
Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan,
Alabama, South Carolina and Georgia. UMH also owns and operates two
communities in Florida, containing 363 sites, through its joint
venture with Nuveen Real Estate.
Contact: Nelli
Madden732-577-9997
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