Mobile-home park operator UMH Properties has paid $7.25 million for Dickerson Road's Holiday Mobile Village, a 68-acre, 274-site community.
Occupancy at the park is 82 percent. With this purchase, New Jersey-based UMH now owns 68 manufactured home communities consisting of about 12,800 developed home sites.
Holiday will be the fifth property in the Midstate for UMH, which rang up 2012 profits of $6.5 million on revenues of about $47 million. The company (Ticker: UMH) also owns parks in Columbia, Lebanon, Goodlettsville and Shady Heights on Dickerson Road. The addition of Holiday will bring UMH's total sites in Middle Tennessee to 1,263.
"This acquisition strengthens our position in this dynamic market," said UMH President Samuel Landy. "We intend to increase occupancy by implementing our sales and rental programs. The Company remains very well positioned to continue to execute its growth strategy and we anticipate additional acquisitions in 2013."
POSTDATA: WARRANTY DEEDS