UMH PROPERTIES, INC. COMPLETES ACQUISITION OF NEW YORK MANUFACTURED HOUSING COMMUNITY

Rhea-AI Summary

UMH Properties, Inc. (NYSE: UMH) has successfully acquired a manufactured housing community in New York for approximately $4.5 million. The community consists of 163 homesites, with 71% occupancy, spanning around 21 acres. President and CEO Samuel A. Landy highlights the community's strategic location near Interstate 90, expecting strong rental demand and potential for value enhancement.

Positive

• Acquisition of a value-add community in a strategic location.
• Potential for strong rental demand due to proximity to Buffalo.
• 71% occupancy rate indicates existing demand.

Negative

• None.

FREEHOLD, NJ, Sept. 21, 2020 (GLOBE NEWSWIRE) -- UMH Properties, Inc. (NYSE: UMH) announced that it closed on the acquisition of a manufactured housing community located in New York for a total purchase price of approximately $4.5 million. This community contains 163 developed homesites, of which approximately 71% are occupied. It is situated on approximately 21 acres. 

Samuel A. Landy, President and Chief Executive Officer, commented, “Lake Erie Estates is a value-add community located in Fredonia, New York. The community is well-located just off Interstate 90 and a short drive from Buffalo. We anticipate strong rental demand and look forward to implementing our value-add strategy.”

UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 124 manufactured home communities with approximately 23,400 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland and Michigan. In addition, the Company owns a portfolio of REIT securities.

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Contact: Nelli Madden
732-577-9997

UMH PROPERTIES, INC.
Juniper Business Plaza
3499 Route 9 North, Suite 3-C
Freehold, NJ 07728
(732) 577-9997
Fax: (732) 577-9980

FAQ

What is the significance of UMH's recent acquisition in New York?

The acquisition enhances UMH's portfolio, providing a strategic position near Buffalo and potential for increased rental revenue.

How much did UMH pay for the manufactured housing community?

UMH Properties acquired the community for approximately $4.5 million.

What is the occupancy rate of the acquired community?

The acquired community has an occupancy rate of approximately 71%.

How many homesites are in the community acquired by UMH?

The community consists of 163 developed homesites.