UMH Properties, Inc. has paid $22.78 million for five manufactured home communities located in Pennsylvania. The portfolio contains three all-age communities and two age-restricted communities with a total of 643 developed home sites. The 141-acre assemblage is currently 72 percent leased. UMH Properties is a public equity REIT that owns and operates 112 manufactured home communities with approximately 20,000 developed home sites in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland and Michigan.
Samuel A. Landy, President and Chief Executive Officer, said the new communities located outside Pittsburgh “strengthen our large presence in this dynamic market. These communities are in good condition and present strong growth potential as we execute on our plans to drive occupancy higher. We anticipate increased revenue and earnings due to the implementation of our rental home and sales programs.”
