The real estate investment trust UMH Properties Inc. (NYSE: UMH) has acquired Albany Dunes, a manufactured home community in Albany, Georgia for $2.6 million.
The 43-acre community contains 130 developed homesites, of which 32% are occupied. Samuel A. Landy, UMH Properties’ president and CEO, stated, “We are pleased to complete the acquisition of Albany Dunes, further expanding our footprint in the Georgia market. This community is less than two miles from our Opportunity Zone Fund’s existing Georgia community, Mighty Oak, which should create efficiencies in our operation and result in greater profitability.”
Landy added, “Year-to-date, we have completed the acquisition of five communities, containing 587 sites, for a total purchase price of $41.7 million. We continue to evaluate acquisition opportunities and anticipate a growing acquisition pipeline as we progress throughout the remainder of the year.”
