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New Jersey REIT Acquires Three MH Communities

According to the Sacramento Bee in California, the Manufactured Housing Institute (MHI) reports that UMH Properties Inc. (a real estate investment trust, REIT, in New Jersey) has agreed to pay an estimated $13.3 million for a trio of manufactured home communities in Tennessee with an average occupancy rate of about 73 percent.  In all, the acquisition includes 680 sites, adding to the 8,050 sites the New Jersey real estate investment trust already holds in 35 communities in New York, Pennsylvania, Ohio, Tennessee and its home state, New Jersey.  The deal is expected to close in the second quarter of this year.

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