UMH Properties, Inc. Contracts to Acquire 3 Manufactured Home Communities
18 Aprile 2011 - 9:59PM
PR Newswire (US)
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.
Copyright 2011 PR Newswire
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