MHProNews.com has learned that UMH Properties, Inc. of Freehold, New Jersey has acquired eight Ohio manufactured home communities (MHCs) comprised of 1,018 homesites with an average 70 percent occupancy rate, for $24,950,000. A public real estate investment trust (REIT), marketwatch.com reports the company owns and operates eighty-two manufactured home communities containing approximately 14,500 developed homesites. Samuel A. Landy, President, stated, “UMH continues to execute our growth strategy. These eight communities are well located and have substantial upside potential. They will benefit from our sales and rental programs. Housing demand in the energy-rich Marcellus and Utica shale regions, where numerous UMH communities are located, is expected to be particularly strong in the years to come.” UMH also owns a portfolio of REIT securities. ##
