UMH Properties Inc. has expanded its manufactured housing portfolio in upstate New York with the $4.5 million purchase of Lake Erie Estates in Fredonia. The community comprises 163 developed homesites, as well as a basketball court.
Located at 3738 E. Main Road on a 21-acre site, the property is less than 2 miles from Interstate 90, some 3 miles from State University of New York at Fredonia and roughly 8 miles from Lake Erie State Park. Additionally, the manufactured home community is close to several dining and retail choices, including Home Depot, T.J. Maxx and Applebee, within a 2-mile radius. Spread across some 21 acres, the community was 71 percent occupied at the time of sale. The public equity REIT owner plans to implement improvements programs to the asset.
At the end of July, UMH Properties Inc. acquired Camelot Woods in Altoona, Pa. The 147-site community, which was completed in the late 1990s, changed hands for $3.4 million.