New Jersey-based UMH Properties Inc. has closed on the acquisition of a community located in Indiana for a total purchase price of approximately $3.5 million. The community contains 134 developed homesites of which approximately 60% are occupied.
According to a prepared statement, the community is situated on approximately 58 acres.
Samuel A. Landy, President and Chief Executive Officer, commented, “We are pleased to announce another acquisition in the Indiana market. Indiana has been one of our best performing markets.”
UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 115 manufactured home communities with approximately 20,700 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland and Michigan.
“This community was developed in the early 2000s. We will utilize our platform to drive increased demand. This community was originally designed for 300 sites. There is significant upside in filling the existing vacant sites as well as developing an additional 166 sites.”