UMH Properties Acquires Manufactured Home Community.
M2 EQUITYBITES-January 22, 2015-UMH Properties Acquires Manufactured Home Community
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22 January 2015 - US-based REIT UMH Properties, Inc. (NYSE: UMH) has closed on the acquisition of Holly Acres manufactured home community located in Erie, Pennsylvania for USD 3.8m, the company said on Thursday.
According to UMH, the all-age community contains a total of 141 developed homesites that are situated on approximately 40 total acres.
The average occupancy for this community is approximately 96%. With this acquisition, UMH owns eighty-nine communities consisting of approximately 15,200 developed homesites, it said.
UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates eighty-nine manufactured home communities containing approximately 15,200 developed homesites.
These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, and Michigan. In addition, the company owns a portfolio of REIT securities.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Jan 22, 2015|
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