UMH Properties Continues its Acquisition of Land Lease Communities

Following a story MHProNews first learned about Aug. 7, 2015 when UMH Properties, Inc. released its earnings report for Q2, UMH has closed on the acquisition of three of six manufactured home communities, two in Ohio and one in Michigan, for $32.5 million. The three all-age communities contain 897 developed homesites set on 177 acres. Average occupancy is 69 percent, according to marketwatch.

UMH was able to secure financing for five of the six properties through Freddie Mac (Federal Home Loan Mortgage Corporation) for a total of $43.1 million. The mortgages have ten-year maturities with a weighted 4.1 percent interest rate.

Samuel A. Landy, president and CEO said, “These all-age communities are well located within our geographic footprint and, with an average occupancy rate of 69%, they have strong organic growth potential. By making necessary improvements, UMH has been successful at growing the occupancy rates at our recently acquired communities. We are seeing increased demand for high-quality affordable housing and we plan on providing this type of housing with these new acquisitions.”

A public equity real estate investment trust (REIT), UMH now owns and operates 95 MHCs comprised of 16,600 developed homesites in seven states east of the Mississippi. ##

(Photo credit: UMH Properties, Inc.)

Article submitted by Matthew J. Silver to Daily Business News-MHProNews.