FREEHOLD, N.J., April 18, 2011 /PRNewswire/ -- UMH Properties, Inc. (NYSE Amex: UMH) announced today that it has entered into a definitive agreement to acquire 3 manufactured home communities located in Tennessee. The aggregate purchase price to be paid by UMH in this transaction is approximately $13.3 million. The transaction is expected to be completed during the second quarter of 2011. This acquisition is subject to due diligence and other customary closing conditions and therefore there can be no assurance that this acquisition will take place by the end of the second quarter 2011 or at all.
These 3 all-age communities total 680 sites situated on approximately 209 acres. The average occupancy for these communities is approximately 73%.
UMH Properties, Inc., a publicly owned real estate investment trust owns and operates thirty-five manufactured home communities with 8,050 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.