ELKHART, NAPPANEE AND WEST LAFAYETTE, IND. — UMH Properties Inc. has closed on the second portion of its previously disclosed agreement to purchase six manufactured home communities. This tranche consisted of three communities located in Indiana for a total purchase price of $36.1 million. The three communities contain 1,254 developed home sites situated on 316 acres. The average occupancy rate for these communities is 56 percent. Freehold, N.J.-based UMH Properties is a public equity REIT that owns and operates 98 manufactured home communities with approximately 17,800 developed home sites.
UMH Properties Acquires Three Manufactured Home Communities in Indiana for $36.1M