UMH Properties' Strategic Acquisition
UMH Properties, Inc. (NYSE: UMH; TASE: UMH) has recently finalized the purchase of two manufactured home communities in Maryland for a total price of $14.625 million. This acquisition includes 191 developed homesites, of which an impressive 79% are currently occupied, leveraging the strategic placement on approximately 82 acres of land.
Details of the New Communities
President and CEO, Samuel A. Landy remarked, “We are thrilled to successfully acquire Conowingo Court and Maybelle Manor, enhancing our established footprint in Maryland.” These new properties are adjacent to the existing Cinnamon Woods community, which is expected to foster operational efficiencies and yield greater returns for the company.
Characteristics of Maybelle Manor
Maybelle Manor stands out as a prime community with 49 sites that boast a full occupancy rate of 100%. The residents here primarily live in modern, multi-section homes, offering a high-quality living experience. This makes it a valuable addition to UMH’s diverse portfolio.
Conowingo Court Expands Opportunities
In contrast, Conowingo Court presents a value-add opportunity containing 142 sites, with 101 of them homeowner occupied. UMH intends to apply its proven business strategies here, aiming to increase occupancy and enhance the property's value over time.
Year-to-Date Achievements
So far this year, UMH has successfully completed the acquisition of four communities, which amounts to 457 sites and a total investment of $39.2 million. The company remains actively engaged in identifying further acquisition possibilities, with expectations of an expanding pipeline as the year progresses.
About UMH Properties, Inc.
Established in 1968, UMH Properties, Inc. is a publicly traded real estate investment trust (REIT) that currently owns and operates a substantial portfolio of 143 manufactured home communities. These communities encompass approximately 26,700 developed homesites, and out of these, 10,600 offer rental homes and over 1,000 self-storage units. The operational footprint covers several states including New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, Florida, and Georgia. Notably, the portfolio includes two communities in Florida with 363 sites, which are managed through a joint venture partnership with Nuveen Real Estate.
Contact Information
For inquiries, please reach out to Nelli Madden at 732-577-9997.
Frequently Asked Questions
What did UMH Properties acquire recently?
UMH Properties acquired two manufactured home communities in Maryland totaling $14.625 million.
How many homesites are included in the new acquisition?
The acquisition includes 191 developed homesites.
What is the occupancy rate of the new communities?
79% of the homesites in the new communities are currently occupied.
How does this acquisition benefit UMH Properties?
This acquisition enhances operational efficiencies and is expected to yield higher returns for UMH Properties.
Where does UMH Properties operate?
UMH operates communities across multiple states including New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, and others.
