UMH Properties Bolsters Its Portfolio Through Acquisition
UMH Properties, Inc. has announced a significant milestone, completing the acquisition of two age-restricted manufactured home communities. This strategic move adds valuable assets to their portfolio, with a total purchase price of $24.6 million and encompassing 266 developed homesites, all of which are currently occupied. These properties are spread over approximately 38 acres, sunlight streaming through the trees, creating a welcoming environment for its residents.
Insights from Leadership
Samuel A. Landy, President and Chief Executive Officer of UMH Properties, expressed enthusiasm about the recent acquisition of Cedar Grove Park and Maplewood Village. He stated, “We are pleased to complete the acquisition of these two high-quality stabilized communities.” The facilities feature modern, homeowner-occupied manufactured homes, that appeal to a demographic seeking a comfortable lifestyle.'
Strategic Location and Community Appeal
Strategically situated near Philadelphia, these communities have demonstrated strong demand in sales. Landy highlighted the potential for the acquisition to not only be accretive to earnings but also serve as a springboard for increased opportunities through the brokerage of home sales. This forward-thinking approach positions UMH Properties for growth and stability in a competitive market.
A Closer Look at UMH Properties
Founded in 1968, UMH Properties, Inc. stands out as a public equity REIT. The company boasts a diverse portfolio of 141 manufactured home communities that collectively house approximately 26,500 developed homesites. Out of these, 10,300 are designated as rental homes, providing a mix of options for potential residents. Additionally, UMH operates over 1,000 self-storage units across several states, enhancing its service offerings to meet the evolving needs of the community.
Geographical Footprint and Future Outlook
UMH Properties has established a notable presence throughout several states including New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, Florida, and Georgia. Within Florida's vibrant market, UMH also has a joint venture with Nuveen Real Estate that includes two communities encompassing 363 sites. This partnership highlights the company's commitment to expanding their footprint and enhancing community living standards.
Looking Ahead: Growth Plans
As they look towards the future, UMH Properties remains vigilant in its search for new acquisition opportunities. The company's proactive stance indicates a dedicated approach to growth and operational excellence. With numerous prospects on the horizon, UMH aims to not only fulfill its growth criteria but also to strategically enhance its portfolio further.
For individuals or families exploring options in manufactured home living, UMH Properties, Inc. promises quality and community-oriented solutions. The company's ambitions paired with its established reputation make it a compelling choice for those looking to invest in this expanding market.
Frequently Asked Questions
What are the recent acquisitions made by UMH Properties?
The company recently acquired two age-restricted manufactured home communities for $24.6 million.
How many homesites does UMH Properties operate?
UMH Properties currently operates approximately 26,500 developed homesites across its communities.
Where are the new properties located?
The new properties, Cedar Grove Park and Maplewood Village, are located near Philadelphia.
What is the company’s outlook for future acquisitions?
UMH Properties intends to continue seeking acquisitions that meet their growth objectives.
Who can I contact for more information about UMH Properties?
Nelli Madden is the primary contact at UMH Properties, reachable at 732-577-9997.
