Real Estate

REIT buys two manufactured home communities for $5.4M

By Eric Strauss, July 29, 2014 at 11:20 AM

A Freehold-based real estate investment trust announced Tuesday that it had purchased two Ohio manufactured home communities for $5.4 million.

UMH Properties Inc. said in a news release that the two communities contain 258 developed homesites on approximately 40 acres.

"These communities are in strong geographic locations,” Samuel A. Landy, UMH president, said in the release. “They are well-occupied and a good fit with our existing portfolio. UMH is effectively executing its growth plan. With this acquisition, we have surpassed the 15,000 homesite milestone. We will continue to expand our portfolio in our target market areas."

UMH owns and operates 88 manufactured home communities in seven states.

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Eric Strauss

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Eric Strauss is the Managing Editor of NJBIZ. He has been a reporter and editor for newspapers in New Jersey and Pennsylvania, as well as for a number of websites. You can contact him at erics@njbiz.com.