UMH Properties acquires two Ohio communities for $12.1M

|About: UMH Properties, Inc (UMH)|By:, SA News Editor

UMH Properties (NYSEMKT:UMH) closed on the acquisition of two communities located in Ohio for a total purchase price of ~$12.1M.

These communities contain 324 developed homesites of which ~79% are occupied. One community also has entitlements to develop 84 additional homesites.

“The communities have favorable demographics with significant upside potential. They are also in good condition and should not require the same amount of turnaround work as some of our previous acquisitions. This will allow us to immediately focus on filling sites and improving community operations," commented Samuel A. Landy, President and CEO.

UMH +1.21% in after-hours trading.

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