UMH Properties Buys Pennsylvania MHC
- Jul 28, 2020
UMH Properties Inc. has expanded its manufactured home community portfolio by acquiring Camelot Woods in Altoona, Pa. The property spans 27 acres and encompasses 147 sites, 56 percent of which are occupied. The transaction closed at $3.4 million.
Camelot Woods is located at 500 Earnhart Drive, close to the Little Juniata River. Completed in the late 1990s, the property is close to a baseball court and a golf course, with downtown Altoona situated some 3 miles away. Capstone Manufactured Housing has been operating the community.
UMH Properties, a public equity REIT, owns and operates 123 manufactured home communities across eight states on the East Coast, with the total number of sites reaching 23,200. According to President & CEO Samuel Landy, rent collection rates at UMH-owned communities UMH have been in line with pre-pandemic levels.