MHProNews.com learned that UMH has recently announced it has closed on the acquisition of Clinton Mobile Home Resort, a 116-site manufactured home community situated on 24 acres, located in the City of Tiffin, County of Seneca, in the State of Ohio, for a purchase price of $3,450,000. UMH is a publicly traded Real Estate Investment Trust (REIT). With this purchase, UMH now owns thirty-nine manufactured home communities consisting of approximately 8,860 land lease home sites, located in New Jersey, New York, Pennsylvania, Ohio and Tennessee. UMH owns over 500 acres of land for the development of new sites.
UMH has a wholly owned subsidiary, UMH Sales and Finance, which sells manufactured homes into its communities, which is licensed by the Pennsylvania Department of Banking, NMLS 200331. Samuel A. Landy, President, stated, “We are pleased to announce the acquisition of this 98% occupied community. The operation of Clinton Mobile Home Resort will fit in nicely with our existing Ohio communities. This well-located, age 55 and older community is a welcome addition to our growing portfolio.” In our Daily Business News market report for Wednesday, the Freehold, N.J. based firm lead gainers for the day, closing up sharply at 10.02, +0.82 (+8.91%).
(Graphic Credit: UMH Logo)