UMH Properties Inc. closed on the acquisition of two communities located in Anderson, Indiana for a total purchase price of approximately $20.5 million. The portfolio contains two all-age communities with a total of 669 developed homesites.
According to a prepared statement, the portfolio is situated on approximately 231 acres. The weighted-average occupancy rate for this portfolio is approximately 91%.
Samuel A. Landy, president and CEO, commented, “This acquisition further strengthens our portfolio of manufactured home communities in the Indiana market. Indiana has been one of our best performing regions.”
Landy adds that “These stabilized communities are in good condition. They should benefit from our marketing, sales and rental programs. These communities also present future upside with approvals to develop another 270 sites.”
UMH Properties Inc., which was organized in 1968, is a public equity REIT that owns and operates 114 manufactured home communities with approximately 20,600 developed homesites. The communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland and Michigan. In addition, the company owns a portfolio of REIT securities.