MHProNews has learned that UMH Properties, Inc. (NYSE:UMH) has purchased a 158 site manufactured home community (MHC) in northeastern Pennsylvania for $3,517,000. The all-age community is situated on 43 acres in the Marcellus and Utica Shale regions where the demand for housing is being driven by energy exploration workers. Current occupancy is approximately 64 percent, according to prnewswire.
UMH President Samuel A. Landy said, “This community has significant upside that we intend to realize through our sales and rental program. UMH continues to execute its growth plan.”
As MHProNews reported April 24, 2015, UMH closed on two MHCs with 324 total homesites in western Pennsylvania for $5.3 million. Today’s acquisition boosts the company to 92 communities comprised of 15,700 developed homesites located in Indiana, Michigan, New Jersey, New York, Ohio, Pennsylvania and Tennessee. A publicly traded real estate investment trust (REIT), UMH also owns a portfolio of REIT securities. ##
(Photo credit: UMH Properties, Inc.)
Article submitted by Matthew J. Silver to Daily Business News-MHProNews.