UMH Properties and Nuveen Real Estate have entered into a joint venture agreement to pursue greenfield development or acquisitions of new manufactured housing communities. It is launching with an initial capital commitment of $170 million
UMH will have a 40% stake in the JV and serve as the managing member and operating member.
The REIT will also have the right to purchase these communities from the JV after a certain period of time, "which should lead to a high-quality acquisition pipeline," CEO Samuel A. Landy said in prepared remarks.
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