UMH Properties Inc. has closed on the acquisition of two communities located in Ohio for a total purchase price of approximately $12.1 million. These communities contain 324 developed homesites of which approximately 79% are occupied.
According to a prepared statement, one community also has entitlements to develop 84 additional homesites. The communities are situated on approximately 88 acres.
Samuel A. Landy, President and Chief Executive Officer, commented, “We are pleased to announce another acquisition in the Ohio market. These communities are located in Perrysburg, which is a suburb of Toledo, and expand our footprint into another major market in Ohio. The communities have favorable demographics with significant upside potential. They are also in good condition and should not require the same amount of turnaround work as some of our previous acquisitions. This will allow us to immediately focus on filling sites and improving community operations.”
UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 118 manufactured home communities with approximately 21,500 developed homesites. The communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland and Michigan.