UMH Properties has purchased a 24-acre vacant lot in Monticello, N.Y., for $137,000. The parcel is adjacent to Kinnebrook Estates, a 250-homesite manufactured home community that the REIT plans to expand by adding new pads. Recently, UMH Properties added 48 new homesites to the community, which is almost entirely occupied.
Built in 1968, Kinnebrook Estates is an all-age, pet-friendly MHC that features two to three-bedroom homes, some of which are equipped with a front or back deck, storage space and courtyard. Common-area amenities include a swimming pool, a community center, a pet park, a playground area, a basketball court and a clubhouse.
Located at 325 State Route 17B, the mobile home community is 6 miles from The Kartrite Resort & Indoor Water Park, 9 miles from Bethel Woods Center for the Arts, and within 35 miles of Legoland New York Resort in Goshen, N.Y. Home rents average $1200 per month, while site rents hover around $660 per month. The additional land will result in additional profits and more efficient operations, according to a prepared a statement from UMH Properties President & Chief Executive Officer Samuel Landy.
The REIT owns and operates manufactured homes in several other states, as well. Most recently, the company acquired Oak Tree Estates in Jackson, N.J., for $23 million.
