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REIT purchases four Pa. home communities

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UMH Properties, based in Freehold, announced Wednesday that it had paid $12.2 million for four manufactured home communities located in the Pittsburgh metropolitan area.

UMH said in a news release that the four all-age communities contain a total of 336 developed home sites on about 239 total acres.

"We continue to implement our business plan of purchasing communities in strong geographic areas in close proximity to our existing locations,” Samuel A. Landy, president of UMH, said in the release. “These communities are in areas where we expect economic growth due to Marcellus and Utica Shale related industries. We believe by making capital improvements and adding rental units we will increase the value of these communities and increase their income over time."

UMH owns and operates 86 manufactured home communities in New Jersey and six other states.


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