Community
UMH Grows Through JV, Gains First Florida Community UMH Properties employees oversee the delivery and installation of new homes at Sebring Square, the organization’s first community in Florida. Photo courtesy of UMH Properties.
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UMH Properties, in its new joint venture with
Nuveen Real Estate, UMH Properties, in its new joint venture with Nuveen Real Estate, has closed its first acquisition of a newly developed, all-age manufactured home community in Sebring, Fla. The JV paid $22.2 million for the property on approximately 39 acres with 219 developed homesites. “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,” UMH President and Chief Executive Officer Samuel A. Landy said. “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.” » MHINSIDER.COM | 47
