FREEHOLD, N.J., 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 Pennsylvania and one located in New York. The total purchase price was $28,250,000. 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 New Jersey, New York, Pennsylvania, Ohio, Tennessee and Indiana. In addition, the Company owns a portfolio of REIT securities.SOURCE UMH Properties, Inc.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV