UMH Expands Portfolio with $2.6M Georgia Acquisition
UMH Properties, Inc. has expanded its portfolio with the acquisition of a manufactured home community in Albany, Georgia. The $2.6 million deal was finalised recently, with Samuel A. Landy, President and CEO of UMH, expressing optimism about the operational efficiencies and increased profitability expected from this move.
The newly acquired community, Albany Dunes, sits on 43 acres and is located less than two miles from UMH's existing Georgia community, Mighty Oak. With 130 developed homesites and a current occupancy rate of 32%, UMH plans to upgrade the community to boost occupancy rates and property value.
This acquisition is part of UMH's active growth strategy. So far this year, the company has purchased five communities containing 587 sites for a total of $41.7 million. UMH continues to explore new opportunities, with a growing acquisition pipeline on the horizon.
UMH Properties, Inc. has acquired Albany Dunes for $2.6 million, aiming to increase occupancy rates and property value through upgrades. The acquisition is part of UMH's ongoing expansion strategy, with five communities purchased this year. The company anticipates more opportunities in the pipeline, driven by the optimism of CEO Samuel A. Landy.
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