UMH Properties, Inc. (NYSE:UMH) closed, through its joint venture, on the acquisition of a newly developed all-age, manufactured home community located in Sebring, Florida for a total purchase price of $15.1 million. This community contains 144 developed homesites. It is situated on approximately 20 acres.
Samuel A. Landy, President and Chief Executive Officer, commented, “We are happy to announce the acquisition of Rum Runner, our second newly developed manufactured housing community through our joint venture with Nuveen Real Estate. This is a high-quality community, located in Sebring, with a clubhouse, fitness center, dog park, bocce ball, shuffleboard, pickleball, pool and more. We are pleased with our performance at Sebring Square and anticipate strong demand at this location as well. We continue to make progress building a high-quality portfolio of newly developed manufactured housing communities through our joint venture. Nuveen Real Estate has been an excellent partner and we look forward to growing this partnership.”
