FREEHOLD, NJ-UMH Properties is adding ten manufactured-home communities - four of them in Pennsylvania - to its portfolio of 57 such communities in six states. The $67.5 million acquisition is to be completed early this year.
The New Jersey-based real estate investment trust owns and operates 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.
The ten all-age communities being purchased include 1,855 developed home sites. They are on average 83% occupied. Five of the communities are in Indiana and one community is in Michigan.
The portfolio transaction is expected to be completed during the first quarter, according to UMH. The company's current portfolio includes about 10,600 total home sites. In addition, UMH 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.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
