UMH Properties, Inc. of Freehold, New Jersey has acquired eight Ohio manufactured home communities (MHCs) comprised of 1,018 homesites.
Marketwatch, MHProNews and StockNews among others have reported that UMH owns and operates 82 land-lease manufactured home communities with approximately 14,500 total sites.
UMH Properties is a public real estate investment trust (REIT). The company has roughly doubled its holdings in manufactured housing in the last 5 years. This suggests their strong confidence in the affordable quality living offered by manufactured homes in a land-lease setting.
Samuel A. Landy, UMH’s President and CEO, 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.”
The 8 communities purchased by UMH in Ohio are ‘all age’ communities. Some manufactured home community owner/operators also have ‘age restricted’ communities, generally 55+, designed for active senior living.
UMH Properties, Inc., was organized in 1968. Their 82 communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, and Michigan. In addition, the Company owns a portfolio of REIT securities. ##
(Image credit: UMH Properties)