New Jersey-based UMH Properties Inc. (NYSE: UMH) has completed its acquisition of two manufactured home communities in Anderson. The Real Estate Investment Trust says the $20 million deal includes more than 230 acres with a total of nearly 700 developed homesites.
Samuel Landy, chief executive officer of UMH Properties, says the acquisition further strengthens the REIT’s portfolio of manufactured home communities in the Indiana market.
"Indiana has been one of our best performing regions," Landy said. "These stabilized communities are in good condition. They should benefit from our marketing, sales and rental programs. These communities also present future upside with approvals to develop another 270 sites."
UMH Properties owns and operates 114 manufactured home communities across eight states.