FREEHOLD, N.J., June 30, 2011 /PRNewswire/ -- UMH Properties, Inc. (NYSE Amex: UMH) announced today that it has closed on the acquisition of 3 manufactured home communities located in Tennessee for a total purchase price of $13,300,000. With this closing, UMH owns 38 manufactured home communities containing approximately 8,744 total sites.
These 3 all-age family communities total 693 sites situated on 209 acres. The average occupancy for these communities is approximately 73%.
Samuel A. Landy, President, stated, "We are very pleased to announce the closing of this acquisition. UMH has invested a total of $50,800,000 in new acquisitions over the past 13 months, adding to its portfolio 10 communities, consisting of 1,924 total home sites. We are well capitalized and anticipate continued growth in the second half of 2011."
UMH Properties, Inc., a publicly owned real estate investment trust owns and operates thirty-eight manufactured home communities with 8,744 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.
Contact: Susan M. Jordan, +1-732-577-9997