UMH Properties Acquires 1st Alabama Asset
The REIT will implement a turnaround strategy at the 195-homesite community in Dothan and infill the property with rental homes.
UMH Properties Inc. has acquired Deer Run in Dothan, Ala., for $4.6 million. The acquisition marks the first manufactured housing community purchase in the state for the REIT. County records show the previous owner of the 195-homesites was a private investor. The asset was 37 percent occupied at the time of sale.
Located at 3142 Flynn Road on roughly 33 acres, the property is less than 2 miles from several big-box stores, as well as plenty of retail and dining choices. Additionally, a number of local attractions such as Gibson Distillery and the U.S. Army Aviation Museum are located within 10 to 21 miles of the property.
According to Samuel Landy, president & CEO of UMH Properties Inc., the new owner will implement a turnaround strategy and infill the property with rental homes, which will result in an increase in value. Landy added in prepared remarks that the REIT has performed exceptionally during the most difficult economic cycle the country has ever experienced, with rent collection maintaining at almost pre-pandemic levels and demand for rentals and sales remaining high. This strong performance has given the company confidence to expand to new markets.