A fund related to UMH Properties Inc. acquired a 118-homesite manufactured-home development in Albany for $3.65 million.
The new community, called Mighty Oak, sits on 26 acres. UMH Properties, a New Jersey-based real estate investment trust (REIT), purchased the asset through its qualified opportunity zone fund. The property is the REIT’s first community in Georgia and the second to be acquired by the fund.
“Several major corporations located nearby, such as Pratt Industries, Thrush Aircraft and Amadas Industries, have made or have announced plans to make significant new capital investments to their facilities, creating a growing workforce in Albany that needs quality affordable housing,” UMH Properties President and CEO Samuel Landy said in a press release. “We, therefore, plan to implement our rental home program in our community, which should result in rapid infill and strong returns.”
Under the terms of the acquisition, UMH will earn fees to manage the community and will have the first right to purchase it from the fund.