UMH PROPERTIES, INC. COMPLETES ACQUISITION OF OHIO MANUFACTURED HOME COMMUNITY
11/22/2022 - 06:08 PM
FREEHOLD, NJ, Nov. 22, 2022 (GLOBE NEWSWIRE) -- UMH Properties, Inc. (NYSE: UMH) closed on the acquisition of a manufactured home community, located in Canton, Ohio, for a total purchase price of $19.1 million . This community contains 321 developed homesites, of which 77% are occupied. It is situated on approximately 170 acres.
Samuel A. Landy, President and Chief Executive Officer, commented, “We are pleased to complete the acquisition of Fohl Village. This is a high-quality community located in a strong market that we have historically performed well in. This community is in good condition, with limited deferred maintenance and capital improvements, and with strong upside through the infill of vacant sites. We plan on implementing our rental home business model which will improve operating results and increase the property value.
“We continue to opportunistically acquire communities that meet our growth criteria. Year-to-date, we have acquired six communities containing 1,226 sites for a total purchase price of $63 million . These communities have a blended occupancy rate of 59% , and significant upside through the infill of vacant sites.”
UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 133 manufactured home communities with approximately 25,300 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.
Contact: Nelli Madden
732-577-9997
# # # #
UMH Rankings
#3495 Ranked by Stock Gains
UMH Stock Data
Industry
Other Financial Vehicles
Sector
Finance and Insurance
Tags
Finance, Real Estate Investment Trusts, Finance and Insurance, Other Financial Vehicles
Country
United States
City
Freehold
About UMH
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