Benzinga | Dec 22, 2021 03:09PM EST

UMH Properties Reports Its Nuveen Joint Venture Purchased Manufactured Home Community In Sebring, Florida For $22.2M

UMH Properties, Inc. (NYSE:UMH) closed, through its joint venture with Nuveen Real Estate, on the acquisition of a newly developed all-age, manufactured home community located in Sebring, Florida for a total purchase price of $22.2 million. This community contains 219 developed homesites. It is situated on approximately 39 acres.

Samuel A. Landy, President and Chief Executive Officer, commented, "We are happy to announce the acquisition of our first newly developed manufactured housing community through our joint venture with Nuveen Real Estate. This is UMH's first community in the Florida market. The demographics in Florida are exceptional and we look forward to providing this market with high quality affordable housing. We also have two additional to-be-developed communities in the Florida market under contract and we anticipate further growth of our acquisition pipeline.

"This is a high-quality community with a clubhouse, fitness center, dog park, bocce ball, pickle ball, splash pad, pool and more. We are already experiencing strong demand and expect to meet our projected financial and operating targets which should lead to long-term value creation."