UMH Properties acquired Iris Winds in Sumter, SC, for US $ 3.4 million. The 142-site property is REIT’s first purchase in South Carolina.
Located at 1230 S. Pike E. on about 24 acres, the community was completed in 1950 and is located within 5 miles of various retail and restaurant options, nearly 5 miles from the University of South Carolina-Sumter and within 3 miles. miles from several parks. Iris Winds was 49 percent busy at the time of the sale. According to Samuel Landy, president and CEO of UMH Properties, the company will implement domestic and marketing strategies on the property.
REIT owns and operates 126 prefabricated housing communities and nearly 23,7000 condominiums under development in several states, including New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama and South Carolina. Recently, the company entered the Alabama market with the acquisition of Deer Run in Dothan for $ 4.6 million. The prefabricated housing community comprises 195 plots on approximately 33 acres.