MHProNews has learned Freehold, New Jersey-based UMH Properties, Inc. (NYSE:UMH) has agreed to acquire six manufactured home communities (MHCs) in Indiana, Ohio and Michigan for $68.6 million. The all-age communities contain a total of 2,200 developed sites, according to prnewswire. Barring any problems, the transaction is set to be finalized by the fourth quarter of 2015.
As MHProNews reported May 28, 2015, the company acquired a 158 MHC in western Pennsylvania for $3.5 million. UMH is a public equity REIT (real estate investment trust) that owns and operates 92 MHCs comprised of approximately 15,700 homesites, and also maintains a portfolio of REIT securities.
In addition, UMH will present at NAREITT (National Association of Real Estate Investment Trust)’s REITWeek, an investor forum to be held in New York City Tue., June 9, 2015 at 11:00 AM EDT at the Hilton Midtown Hotel. The presentation will be available live via webcast on the company’s website, http://ir.umh.com. A replay of the webcast will be available for 90 days following the presentation. ##
(Image credit: UMH Properties, Inc.)
Article Submitted by Matthew J. Silver to Daily Business News-MHProNews.