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FREEHOLD, NJ, Dec. 15, 2022 (GLOBE NEWSWIRE) -- 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.
umh properties, inc., (umh) is a real estate investment trust (reit) that owns and operates manufactured home communities in seven states throughout the northeast. these states include new jersey, new york, ohio, pennsylvania, tennessee, indiana and michigan. manufactured home communities provide long-term appreciation, recession resistant qualities, and stable income streams. umh has been in business since 1968, operating as a public company since 1985. we own a portfolio of 74 manufactured home communities, housing approximately 13,400 home sites. umh has a subsidiary, umh sales and finance, which sells manufactured homes into its communities. if you are looking to purchase a new home in one of our communities, please visit the umh sales and finance site by clicking this link: www.umhhomesales.com. we encourage you to visit our investors website ir.umh.com where you will find our most recent annual report, letter to shareholders, and sec filings. our website also includes our d