The REIT aims to build a 400-lot land-leased community for seniors.United Mobile Homes (Amex: UMH) has acquired 67 acres in Vineland for about $1.9 million. The Freehold-based real estate investment trust (REIT) now owns 132 acres adjoining its Fairview Manor Manufactured Home Community development, where it is seeking approval to build a 400-lot, manufactured-home land-leased community designed for residents aged 55 and older.
The company owns and operates 27 manufactured-home developments in New York, New Jersey, Pennsylvania, Ohio and Tennessee. United also owns a portfolio of REIT securities. The company stock fell 7 cents to $58.28 in early trading.