UMH Properties Buys New Jersey MHC for $23M
In 2022, the company purchased six manufactured home communities for a total of $86.3 million.
UMH Properties has acquired a manufactured housing community in Jackson, N.J., for $23 million. Encompassing 260 home lots, Oak Tree Estates was 98 percent occupied at the time of the sale. The new ownership intends to upgrade the quality of the manufactured housing community and also add new mobile homes.
Located at 565 Diamond Road, the property is a 55+ mobile home park community that features single and double mobiles homes for rent or for sale. Common-area amenities include a clubhouse, laundry facilities, a recreation room, a swimming pool and ample parking.
Spanning almost 42 acres, the community is close to Interstate 195 and Jackson Premium Outlet Mall, 5 miles away from Six Flags Great Adventure amusement park and 7 miles away from Centra State Medical.
This year, UMH acquired six mobile home communities totaling nearly 1,500 home sites, for a combined $86.3 million. The public equity REIT was also very active in 2021, when it entered into a joint venture agreement with Nuveen Real Estate for the acquisition of new manufactured housing assets in the U.S., with an initial capital commitment of $170 million. Today, UMH Properties’ portfolio encompasses 134 communities in New Jersey, Pennsylvania, Ohio, Indiana, New York and other southeastern states.