UMH Properties Expands to South Carolina
The REIT paid $3.4 million for Iris Winds, a manufactured housing community in Sumter.
Iris Winds. Image via Google Street View
UMH Properties has acquired Iris Winds in Sumter, S.C., for $3.4 million. The 142-site property is the REIT’s first purchase in South Carolina.
Located at 1230 S. Pike E. on roughly 24 acres, the community was completed in 1950 and is situated some 5 miles from several retail and dining options, almost 5 miles from University of South Carolina-Sumter and within 3 miles from several parks. Iris Winds was 49 percent occupied at the time of sale. According to Samuel Landy, president & CEO of UMH Properties, the company will implement home and marketing strategies at the property.
The REIT owns and operates 126 manufactured housing communities and some 23,7000 development homesites across several states including New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama and South Carolina. Recently, the company entered the Alabama market with the $4.6 million acquisition of Deer Run in Dothan. The manufactured housing community comprises 195 homesites on approximately 33 acres.
