UMH Properties, Inc. acquired Boardwalk and Parke Place located in Indiana for $24.4 million.
January 20, 2017
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UMH Properties, Inc. (NYSE:UMH) acquired Boardwalk and Parke Place located in Indiana for $24.4 million on January 20, 2017. This acquisition consists of one age restricted community containing 195 sites and one all-age community containing 364 sites. The two communities contain a total of 559 developed home sites and are situated on approximately 155 acres. UMH obtained a $14,250,000 mortgage with Wells Fargo/Freddie Mac on the properties. The mortgage has a 4.56% interest rate and a 10-year term with a 30-year amortization.
UMH Properties, Inc. (NYSE:UMH) completed the acquisition of Boardwalk and Parke Place located in Indiana on January 20, 2017.
UMH Properties, Inc. is a real estate investment trust (REIT). The Companyâs primary business is the ownership and operation of manufactured home communities, leasing manufactured homesites to residents. The Company also leases manufactured homes to residents and, through its wholly owned taxable REIT subsidiary, UMH Sales and Finance, Inc. (S&F), sells and finances the sale of manufactured homes to residents and prospective residents of its communities and for placement on customersâ privately owned land. The Company owns and operates 135 manufactured home communities, including two communities acquired through the Companyâs opportunity zone fund, containing approximately 25,800 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Michigan, Maryland, Alabama, South Carolina and Georgia. In connection with the operation of its communities, the Company also leases homes to prospective tenants.
UMH PROPERTIES, INC. 
