UMH Properties, Inc. announced that it has expanded its partnership with Nuveen Real Estate, a TIAA company through entering into a new joint venture. The joint venture focuses on the development of a new manufactured housing community located in Honey Brook, Pennsylvania, which is part of the Philadelphia MSA. UMH will have a 40% stake in the joint venture and will serve as the managing member, developer and operating member.

The community, once complete, will contain 113 manufactured home sites situated on approximately 61 acres. UMH initially acquired the land in November 2022 which is being sold to the joint venture. Construction of the community is expected to commence in the next few weeks and should take approximately 15 months to complete.

UMH will earn development fees, management fees, assets under management fees and a promote for exceeding IRR targets. UMH will also have the right to purchase the community from the joint venture after a certain period of time.