UMH Properties Inc. (NYSE: UMH), a public equity REIT that owns and operates 135 manufactured home communities in 11 states, has closed on its $2.3 million acquisition of a 30-acre parcel of land located in Perrysburg, Ohio.
The property adjacent to the company’s 196-site Meadows of Perrysburg property and is fully entitled for the development of 115 manufactured home sites. Meadows of Perrysburg is approximately 95% occupied and averages site rents of $500 per month and home sales of more than $150,000 per new home.
“This entitled land provides us with a pipeline of new sites to generate profitable sales and should result in improved operating results,” said Samuel A. Landy, president and CEO at UMH Properties. “We are pleased to acquire. The purpose of this acquisition is to support our long-term strategy of growing the company through the infill of our 4,000 vacant sites, the development of our vacant land and the growth of our sales and finance operation.”
Photo courtesy UMH Properties
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