FREEHOLD, N.J., Dec. 16, 2010 /PRNewswire-FirstCall/ -- UMH Properties, Inc. (NYSE Amex: UMH) announced that, on December 15, 2010, it closed on the acquisition of 5 manufactured home communities located in Pennsylvania for a total purchase price of $24,250,000. With this closing, UMH owns 35 communities containing approximately 8,000 sites.
These 5 all-age family communities total 824 sites situated on 215 acres. The average occupancy for these communities is approximately 86%.
Samuel A. Landy, President, stated, "We are very pleased to announce the closing of this significant acquisition. These attractive communities are an excellent fit to our existing portfolio. Pennsylvania is a very scenic state that has enjoyed a stable economy over the long term. It appears that this state is poised for above average growth in the future."
UMH, a publicly-owned REIT, owns and operates thirty-five manufactured home communities with approximately 8,000 total home sites located in New Jersey, New York, Pennsylvania, Ohio and Tennessee. In addition, the Company owns a portfolio of REIT securities.
SOURCE UMH Properties, Inc.