UMH PROPERTIES, INC. COMPLETES ACQUISITION OF MONTICELLO LAND
March 10 2023 - 4:15PM
UMH Properties, Inc. (NYSE: UMH) closed on the acquisition of a
24-acre parcel of land located in Monticello, New York, for a total
purchase price of $137,000.
Samuel A. Landy, President and Chief Executive
Officer, commented, “We are pleased to acquire this vacant land in
Monticello, New York, which adjoins Kinnebrook Estates. Kinnebrook
is a high-quality 250-space community with occupancy near 100%,
site rents averaging $660 per month, and home rents averaging
$1,200 per month. Previously, we completed the development of 48
sites which allowed us to generate increased sales and improve the
efficiency of our operations. This vacant land will allow us to
further expand the community generating additional sales profits
and better operating results. We are actively working to develop
new affordable housing in New York State.”
“Additionally, our community operating results
for the beginning of 2023 are off to a strong start. We are making
progress setting up and occupying our new home inventory. In
January and February, we have occupied 125 new rental homes in our
portfolio and anticipate accelerated infill rates as we get into
our peak season. Sales for the first two months of the year are
also up materially over last year. Demand is very strong as
evidenced by an increase in online applications of over 60% from
last year.”
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 has an ownership
interest in 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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