UMH Properties has entered into a joint venture with Nuveen Real Estate.
The purpose of the joint venture is the greenfield development or acquisition of new manufactured-housing communities, with an initial capital commitment of up to $170 million. UMH will have a 40 percent stake in the joint venture and serve as the managing member and operating member of the joint venture. UMH will earn customary fees associated with property and asset management.
“Our country needs at least 5.5 million new homes to keep pace with demand, with that number increasing to 6.8 million when considering obsolescence,” said Samuel Landy, president and CEO of UMH. “Through this joint venture, UMH and Nuveen Real Estate intend to make significant investments in developing and acquiring new communities to help to ease the affordable housing crisis.
UMH has entered into agreements to acquire three to-be-built communities that will contain 804 sites in Florida for a total purchase
