UMH PROPERTIES, INC. ANNOUNCES ACQUISITION OF A GEORGIA COMMUNITY THROUGH ITS QUALIFIED OPPORTUNITY ZONE FUND

Rhea-AI Summary

UMH Properties, Inc. (NYSE: UMH) has completed the acquisition of a new manufactured home community, Mighty Oak, located in Albany, Georgia, for $3.65 million. The community comprises 118 developed homesites over 26 acres. This marks UMH's first venture into Georgia, expanding its presence in the Southeast region. The acquisition will cater to a growing workforce in Albany, supported by nearby corporations such as Pratt Industries and Thrush Aircraft, which are investing significantly in their facilities. UMH plans to implement a rental home program to enhance community occupancy and returns, while also focusing on additional opportunities within qualified opportunity zones.

Positive

• Acquisition of a new manufactured home community increases market presence.
• Mighty Oak community consists of 118 developed homesites, enhancing housing options.
• Strategic location near major corporations may drive demand for affordable housing.
• Implementation of a rental home program expected to result in rapid occupancy.
• First community acquisition through the qualified opportunity zone fund demonstrates strategic growth.

Negative

• None.

FREEHOLD, NJ, Jan. 19, 2023 (GLOBE NEWSWIRE) -- UMH Properties, Inc. (NYSE: UMH) today announced that it closed on the acquisition of a manufactured home community located in Albany, Georgia, for a total purchase price of $3.65 million through UMH’s qualified opportunity zone fund. This brand-new community contains 118 developed homesites and is situated on approximately 26 acres.

Samuel A. Landy, President and Chief Executive Officer, commented, “We are pleased to announce the acquisition of Mighty Oak, a newly-developed manufactured housing community located in Albany, Georgia. This is our first community located in Georgia and it further expands our footprint in the Southeast. Several major corporations located nearby, such as Pratt Industries, Thrush Aircraft and Amadas Industries, have made or have announced plans to make significant new capital investments to their facilities, creating a growing workforce in Albany that needs quality affordable housing. We, therefore, plan to implement our rental home program in our community, which should result in rapid infill and strong returns.

“This is our second community acquired through our qualified opportunity zone fund. By providing quality affordable housing in opportunity zones, we will help make these areas even more attractive to employers who need housing for their employees. UMH will earn fees to manage the community and will have the first right to purchase the community upon divestiture by the fund. We look forward to acquiring additional communities in opportunity zones throughout the country.” 

UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 135 manufactured home communities with approximately 25,700 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina and Georgia. UMH also owns and operates two communities in Florida, containing 363 sites, through its joint venture with Nuveen Real Estate.

Contact: Nelli Madden
732-577-9997

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FAQ

What is the acquisition amount for the Albany, Georgia community by UMH?

UMH Properties acquired the Albany community for $3.65 million.

How many homesites are developed in the Mighty Oak community?

The Mighty Oak community includes 118 developed homesites.

What strategic advantages does the location of the new community offer?

The community's proximity to major corporations is expected to drive demand for affordable housing.

What rental program does UMH plan to implement in the new community?

UMH plans to implement a rental home program to enhance occupancy and returns.

Is this UMH's first acquisition in Georgia?

Yes, this is UMH's first community acquisition in Georgia.