UMH Properties Enters Georgia Market Through OZ Fund MHC Acquisition
Mighty Oak includes 118 homesites.
UMH Properties has acquired Mighty Oak, a recently built manufactured home community in Albany, Ga. The company purchased the 118-homesite community for $3.7 million through its qualified opportunity zone fund.
The deal marks UMH’s first acquisition in Georgia, as the company continues to expand its footprint across the Southeast, said UMH Properties President & Chief Executive Officer Samuel Landy in a prepared statement.
Spanning across a 26-acre lot, Mighty Oak is close to several large employers in Albany, including Thrush Aircraft, Pratt Industries and Amadas Industries. UMH Properties expects to see increased demand for quality affordable housing in the area and announced plans to implement a rental program within the newly purchased community. Mighty Oak is the second asset acquired through the company’s qualified opportunity zone fund.
UMH has been active in the manufactured housing space lately. This month, the company purchased a 144-homesite manufactured housing community in Sebring, Fla., in a joint venture with Nuveen Real Estate. Earlier in December, the company paid $23 million for a 260-lot community in Jackson, N.J.