UMH PROPERTIES, INC. COMPLETES ACQUISITION OF TWO MARYLAND MANUFACTURED HOME COMMUNITIES

Rhea-AI Summary

UMH Properties (NYSE: UMH) has completed the acquisition of two manufactured home communities in Conowingo, Maryland for $14.625 million. The acquired properties, Conowingo Court and Maybelle Manor, contain 191 developed homesites with a 79% occupancy rate across 82 acres.

Maybelle Manor features 49 sites at 100% occupancy, while Conowingo Court has 142 sites with 101 homeowner-occupied units. These communities adjoin UMH's existing Cinnamon Woods property, promising operational efficiencies. Year-to-date, UMH has acquired four communities with 457 sites for $39.2 million.

UMH now operates 143 manufactured home communities with approximately 26,700 developed homesites across 12 states, including 10,600 rental homes and over 1,000 self-storage units.

Positive

• Strategic expansion with two adjacent communities creating operational efficiencies
• Maybelle Manor is 100% occupied with modern, homeowner-occupied units
• Value-add opportunity in Conowingo Court with potential for occupancy growth
• Year-to-date acquisition momentum with 4 communities totaling $39.2 million
• Strong existing portfolio of 143 communities across 12 states

Negative

• 21% vacancy rate across the combined properties
• Significant capital deployment of $14.625 million required for acquisition

Insights

Real Estate Investment Analyst

UMH's strategic $14.6M acquisition creates operational synergies and expands their manufactured housing footprint with value-add opportunities.

UMH Properties has executed a $14.625 million acquisition of two manufactured home communities in Maryland, adding 191 developed homesites to their portfolio. This transaction demonstrates strategic geographic clustering, as these communities adjoin UMH's existing Cinnamon Woods property, creating operational efficiencies that should enhance returns.

The acquisition encompasses two distinctly different asset profiles: Maybelle Manor represents a stabilized investment with 100% occupancy across its 49 sites, featuring predominantly modern, homeowner-occupied multi-section homes that provide immediate cash flow stability. Meanwhile, Conowingo Court offers a classic value-add opportunity with 142 sites at approximately 71% occupancy (101 occupied sites), presenting significant upside potential through UMH's established business model of improving occupancy and property values.

This purchase continues UMH's active acquisition strategy in 2025, bringing their year-to-date total to four communities with 457 sites for $39.2 million. The per-site acquisition cost of approximately $76,570 aligns with typical manufactured housing community valuations, while the adjacency to existing operations creates genuine operational synergies through shared management, maintenance resources, and marketing efforts.

The 79% overall occupancy represents meaningful upside potential, particularly in Conowingo Court. With UMH's extensive experience managing 10,600 rental homes across their portfolio, they're well-positioned to execute their value-add strategy to increase occupancy and enhance property-level returns over time. This acquisition demonstrates continued execution of their growth strategy in the affordable housing sector.

FREEHOLD, NJ, July 02, 2025 (GLOBE NEWSWIRE) -- UMH Properties, Inc. (NYSE: UMH; TASE: UMH) closed on the acquisition of two manufactured home communities, located in Conowingo, Maryland, for a total purchase price of $14.625 million. These communities contain 191 developed homesites, of which 79% are occupied. They are situated on approximately 82 acres.

Samuel A. Landy, President and Chief Executive Officer, commented, “We are pleased to complete the acquisition of Conowingo Court and Maybelle Manor, further expanding our footprint in the Maryland market. These two communities adjoin our existing Maryland community, Cinnamon Woods, which will create efficiencies in our operation, resulting in higher returns.

“Maybelle Manor is a high-quality stabilized community that contains 49 sites, which are 100% occupied. The community consists of predominantly modern, homeowner occupied, multi-section homes. Conowingo Court is a value-add community that contains 142 sites, of which 101 sites are homeowner occupied. We will implement our typical business plan, which should result in growing occupancy rates and property-level value over time.

“Year to date, we have completed the acquisition of four communities, containing 457 sites, for a total purchase price of $39.2 million. We continue to evaluate acquisition opportunities and anticipate a growing acquisition pipeline as we progress throughout the remainder of the year.”

UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 143 manufactured home communities, containing approximately 26,700 developed homesites, of which 10,600 contain rental homes, and over 1,000 self-storage units. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, Florida and Georgia. Included in the 143 communities are two communities in Florida, containing 363 sites, that UMH has an ownership interest in and operates through its joint venture with Nuveen Real Estate.

Contact: Nelli Madden
732-577-9997

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FAQ

How much did UMH Properties (NYSE: UMH) pay for the Maryland acquisitions in 2025?

UMH Properties paid $14.625 million for two manufactured home communities in Conowingo, Maryland, containing 191 developed homesites across 82 acres.

What is the current occupancy rate of UMH Properties' new Maryland acquisitions?

The combined occupancy rate is 79%, with Maybelle Manor at 100% occupancy (49 sites) and Conowingo Court having 101 occupied sites out of 142.

How many manufactured home communities does UMH Properties own as of July 2025?

UMH Properties owns and operates 143 manufactured home communities containing approximately 26,700 developed homesites across 12 states.

What is UMH Properties' total acquisition value year-to-date in 2025?

Year-to-date, UMH has acquired four communities containing 457 sites for a total purchase price of $39.2 million.

How will the Maryland acquisitions benefit UMH Properties operations?

The acquisitions adjoin UMH's existing Cinnamon Woods community, which will create operational efficiencies resulting in higher returns.