UMH Properties (a real estate investment trust), or rather Nuveen Real Estate, a joint venture created by it, has recently closed the deal on a complex of factory-made houses for people of all ages in Sebring, Florida. The company paid $15.1 million.
Rum Runner is a recently developed community spanning around 81,000 sq m that accommodates 144 homesites.
Samuel Landy, President and Chief Executive Officer at UMH Properties, remarked that this was the second Florida property purchased that way. The trust counts on a good yield from the new acquisition.
The investors are obviously happy with the previously purchased residential community in the same city, which they bought for $22.2 million last December. The area of that high-end residential complex with 219 homesites is twice as big. It accommodates a clubhouse, a dog park, a fitness center, a bocce court, a pickleball court, a children’s water attraction, a swimming pool, and many other amenities.
The high demand for this type of property ensured long-term returns for the owner company.