Freehold-based UMH Properties Inc., a public-equity REIT, announced Wednesday it has closed on the acquisition of two communities in Indiana for approximately $20.5 million.
The portfolio in Anderson, Indiana, is situated on 231 acres and consists of two all-age communities with a total of 669 developed homesites.
“This acquisition further strengthens our portfolio of manufactured home communities in the Indiana market. Indiana has been one of our best performing regions,” said Samuel A. Landy, CEO and president.
“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.”
