FREEHOLD, NJ, March 10, 2023 (GLOBE NEWSWIRE) — UMH Properties, Inc. (NYSE: UMH) has closed on the acquisition of a 24-acre parcel of land located in Monticello, New York, for a total purchase price of $137,000.
Samuel A. Landy, President and Chief Executive Officer commented, “We are pleased to acquire this vacant lot in Monticello, New York, adjacent to Kinnebrook Estates. Kinnebrook is a high-quality 250-space community with occupancy near 100%, site rents averaging $660 per month, and home rents averaging $1,200 per month. In the past, we completed the development of 48 sites that allowed us to generate higher sales and improve the efficiency of our operations. This vacant land will allow us to further expand the community generating additional sales revenues and better operating results. We are actively working to build new affordable housing in New York State.”
“Furthermore, our community’s operating results for the beginning of 2023 are off to a strong start. We are making progress on setting up and occupying our new home inventory. In January and February, we occupied 125 new rental homes in our portfolio and expect accelerated fill rates as we enter our peak season. Sales for the first two months of the year were also up significantly from last year. Demand is very strong as evidenced by an increase in online applications of more than 60% since last year.”
UMH Properties, Inc., organized in 1968, is a public equity REIT that owns and operates 135 manufactured home communities with approximately 25,700 manufactured homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina and Georgia. UMH also has an interest in owning and operating two communities in Florida, containing 363 sites, through its joint venture with Nuveen Real Estate.
Contact: Nellie Madden