March 1, 2013
/PRNewswire/ -- UMH Properties, Inc. (NYSE: UMH) announced that it closed on the acquisition of 10 manufactured home communities for
. These 10 all-age communities contain a total of 1,854 developed home sites that are situated on approximately 400 total acres. This 10 community portfolio consists of five communities located in
, four communities located in
, and one community located in
. The average occupancy for these communities is approximately 85%. With this closing, UMH owns sixty-seven communities consisting of approximately 12,500 developed home sites.
Samuel A. Landy
, President, stated, "With this acquisition, UMH has increased its portfolio by approximately 18%. These communities are an excellent fit with our existing portfolio. We believe that all of these communities will benefit from our sales and rental programs. Additionally, we have a strong acquisition pipeline in place and expect continued growth throughout the remainder of 2013."
UMH Properties, Inc., a publicly-owned Real Estate Investment Trust, owns and operates sixty-seven manufactured home communities with approximately 12,500 developed home sites located in
. In addition, the Company owns a portfolio of REIT securities.
SOURCE UMH Properties, Inc.