UMH Properties, Inc. of Freehold, New Jersey announces it has acquired five manufactured home communities (MHCs) consisting of 519 developed home sites for $11,800,000, according to wsj.com. The all-age communities—four in Ohio and one in New York—have an average occupancy of 82 percent, and boost UMH’s portfolio to 74 communities comprised of 13,400 developed home sites. UMH President Samuel A. Landy, noting the new properties are a good fit with the existing properties, says, “With this acquisition, we have increased our portfolio by approximately 26% since 2012. They will further enhance our substantial presence throughout the Marcellus and Utica shale region.” In addition to its ownership and operation of MHCs, as MHProNews understands, UMH also owns a portfolio of real estate investment trust (REIT) securities.
