UMH PROPERTIES, INC. EXPANDS JOINT VENTURE PARTNERSHIP WITH NUVEEN REAL ESTATE
01 12월 2023 - 6:45AM
UMH Properties, Inc. (NYSE: UMH) (TASE: UMH) today announced that
it has expanded its partnership with Nuveen Real Estate, a TIAA
company through entering into a new joint venture. The joint
venture focuses on the development of a new manufactured housing
community located in Honey Brook, Pennsylvania, which is part of
the Philadelphia MSA. UMH will have a 40% stake in the joint
venture and will serve as the managing member, developer and
operating member. The community, once complete, will contain 113
manufactured home sites situated on approximately 61 acres. UMH
initially acquired the land in November 2022 which is being sold to
the joint venture. Construction of the community is expected to
commence in the next few weeks and should take approximately 15
months to complete.
Samuel A. Landy, President and Chief Executive
Officer, commented “UMH is excited to further grow and strengthen
our relationship with Nuveen Real Estate, who shares our vision of
developing and acquiring high-quality residential communities to
help combat the housing crisis. This joint venture gives us the
financial capacity to develop and acquire communities while
limiting the short-term impact on our FFO during construction and
lease-up.
“This community is in close proximity to two
existing high-performing UMH properties which boast occupancy of
98% and site rents in excess of $700 per month and growing. We
anticipate a strong sales and rental market resulting in the rapid
lease-up of the property once development is completed. UMH and
Nuveen now own three assets together, and we expect to continue
growing the relationship.”
Nikita Rao, Portfolio Manager of Nuveen’s U.S.
Cities Multifamily Fund commented, “Nuveen is proud to work
alongside UMH to develop high-quality housing in a major MSA. UMH’s
long track record as an exceptional investor and operator,
consistently executing successful business plans, aligns seamlessly
with our investment strategy. The property marks the Fund’s first
investment into manufactured housing and Nuveen’s third investment
with UMH.”
UMH will earn development fees, management fees,
assets under management fees and a promote for exceeding IRR
targets. UMH will also have the right to purchase the community
from the joint venture after a certain period of time.
UMH Properties, Inc., which was organized in
1968, is a public equity REIT that owns and operates 135
manufactured home communities containing approximately 25,800
developed homesites. These communities are located in New Jersey,
New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland,
Michigan, Alabama, South Carolina and Georgia. UMH also has an
ownership interest in and operates two communities in Florida,
containing 363 sites, through a joint venture with Nuveen Real
Estate.
Contact: Nelli Madden
732-577-4062
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