UMH PROPERTIES, INC. COMPLETES ACQUISITION OF SOUTH CAROLINA MANUFACTURED HOME COMMUNITY

UMH Properties has successfully acquired a manufactured home community in Sumter, South Carolina for approximately $3.4 million.

Rhea-AI Summary

UMH Properties has successfully acquired a manufactured home community in Sumter, South Carolina for approximately $3.4 million. The property includes 142 developed homesites, with around 49% occupancy, and spans 24 acres. CEO Samuel A. Landy expressed enthusiasm for the acquisition, noting the community's good condition and the potential for revenue growth through rental home and marketing strategies. The company aims to expand further in the Southeast, building on its portfolio of 126 communities and 23,700 homesites across various states.

Positive

• Acquisition of manufactured home community in Sumter, SC for $3.4 million.
• Community has potential for increased occupancy and rental income due to implementation of rental strategies.
• Expansion into new market aligns with growth strategy in the Southeast.

Negative

• None.

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FREEHOLD, NJ, Jan. 21, 2021 (GLOBE NEWSWIRE) -- UMH Properties, Inc. (NYSE: UMH) announced that it closed on the acquisition of a manufactured home community located in Sumter, South Carolina for a total purchase price of approximately $3.4 million. This community contains 142 developed homesites, of which approximately 49% are occupied. It is situated on approximately 24 acres. 

Samuel A. Landy, President and Chief Executive Officer, commented, “We are pleased to announce another value-add acquisition in a new market. Iris Winds is well-located in Sumter, South Carolina. This community is generally in good condition and will benefit from the implementation of our rental home and marketing strategies. We continue to seek additional acquisitions in these new markets and look forward to expanding our footprint in the Southeast.”

UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 126 manufactured home communities with approximately 23,700 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama and South Carolina. In addition, the Company owns a portfolio of REIT securities.

Contact: Nelli Madden
732-577-9997

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FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the acquisition price for UMH's new manufactured home community in Sumter, SC?

The acquisition price for the manufactured home community in Sumter, South Carolina was approximately $3.4 million.

How many homesites does the acquired community in Sumter, SC have?

The acquired community in Sumter, South Carolina contains 142 developed homesites.

What is the occupancy rate of the new community acquired by UMH?

Approximately 49% of the homesites in the newly acquired community are occupied.

What are UMH's plans for the new community in Sumter, SC?

UMH plans to implement rental home and marketing strategies to increase occupancy and revenue in the Sumter community.

How does the acquisition impact UMH's market presence?

The acquisition expands UMH's footprint in the Southeast, supporting its growth strategy in new markets.