FREEHOLD, NJ-UMH Properties is adding ten manufactured-home communities to its portfolio in a $67.5 million acquisition to be completed early this year. The Freehold-based real estate investment trust already owns and operates 57 such communities in New Jersey, New York, Pennsylvania, Ohio, Tennessee and Indiana.
UHM is currently working with federal and state agencies to provide emergency housing for New Jersey residents displaced by superstorm Sandy. Despite four New Jersey communities being situated directly in the path of the storm, says Eugene W. Landy, chairman of the REIT's board, none were damaged.
However, Landy said UMH's New Jersey properties were already 95% occupied when the storm hit last Oct. 29.
None of the new communities of pre-fab homes is situated within the state; the ten all-age communities, which include 1,855 developed home sites, are on average 83% occupied. Five of the communities are in Indiana, four in Pennsylvania, and one community is located in Michigan.
The portfolio transaction is expected to be completed during the first quarter.
UMH Properties' current portfolio includes about 10,600 total home sites. In addition, the company owns a portfolio of REIT securities.
It has been actively acquiring properties of late. Only two weeks ago, UMH acquired Olmsted Falls, a 125-site manufactured home community on 14 acres in Ohio for $3.6 million.
Samuel A. Landy, president, said at the time of that deal, “We have now increased our portfolio by more than 50% over the previous three-year period and anticipate continuing to acquire communities in 2013."
From owning around 8,000 home sites at the end of 2010, the company is on track to reach a goal of 12,500 sites in 2013, he said.
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