UMH Properties Inc. announced it has closed on the acquisition of a community in Indiana for $3.5 million.
The 58 acre community, Freehold-based UMH Properties said, has 134 developed homesites. Approximately 60 percent of them are currently occupied.
“We are pleased to announce another acquisition in the Indiana market. Indiana has been one of our best performing markets,” Samuel A. Landy, CEO and president, said.
“This community was developed in the early 2000s. We will utilize our platform to drive increased demand. This community was originally designed for 300 sites. There is significant upside in filling the existing vacant sites as well as developing an additional 166 sites,” he said.