Benzinga | Dec 9, 2021 09:46PM EST

UMH Properties, Inc. Enters Into Joint Venture Agreement With Nuveen Real Estate

UMH Properties, Inc. (NYSE:UMH) today announced that it has entered into a joint venture with Nuveen Real Estate, a TIAA company. The purpose of the joint venture is the greenfield development or acquisition of new manufactured housing communities with an initial capital commitment of up to $170 million. UMH will have a 40% stake in the Joint Venture and serve as the managing member and operating member of the joint venture. UMH will earn customary fees associated with property and asset management.