Aug. 2, 2012
/PRNewswire/ -- UMH Properties, Inc. (NYSE: UMH) announced that, on
August 1, 2012
, it closed on the acquisition of 11 manufactured home communities, ten located in
and one located in New York. The total purchase price was
. With this closing, UMH owns 53 communities consisting of approximately 10,100 developed homesites.
These 11 all-age family communities total 968 sites situated on 200 acres. The average occupancy for these communities is approximately 92%.
Samuel A. Landy
, President, stated, "We are very pleased to announce the closing of this significant acquisition. These communities are an excellent fit to our existing portfolio. Pennsylvania is a state that has enjoyed a stable economy over the long term and is poised for above average growth in the future."
UMH, a publicly-owned REIT, owns and operates fifty-three manufactured home communities with approximately 10,100 developed homesites located in
. In addition, the Company owns a portfolio of REIT securities.
SOURCE UMH Properties, Inc.