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$170 Million Manufactured Home Community Acquisition by Giant RHP Properties, 17 MHCs, Now 25 States

March 7th, 2019 Comments off

 

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Last year, growing RHP Properties expanded their portfolio, but the giant manufactured home community (MHC) operation is doing even more buying in 2019.

 

On Sept. 10, 2018, RHP Properties – which says they have the nation’s largest privately-owned portfolio of manufactured home communities (MHC) – announced that they had acquired Shady Park. That MHC has 304 home sites, and is located in Selbyville, DE.

In an announcement on March 16, 2018, RHP Properties, told the Daily Business News on MHProNews that the firm acquired Brookside Country Club. That land-lease community has 421 home sites and is located in El Monte, California.

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But earlier this week, one of the largest operations of its kind in the manufactured home community sector – per the National Communities Council data posted above – announced an even larger move.

 

 

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Per the firm’s release, RHP “Expands into Wisconsin/Portfolio Now Includes 25 States.”

FARMINGTON HILLS, Mich., March 4, 2019. RHP Properties, the nation’s largest privately held owner and operator of manufactured home communities, has announced the acquisition of 17 manufactured home communities in five states containing 3,177 sites — including its first communities in Wisconsin — bringing the company’s total of manufactured home communities to 254 nationwide.  The announcement was made by Ross H. Partrich, CEO, RHP Properties.

With these purchases, RHP Properties now owns and operates the following communities:

  • Arizona: Crescent Manor in Tucson
  • Colorado: Crestline Manor and Lamplighter in Colorado Springs
  • Indiana: Island Grove in DeMotte
  • Pennsylvania: Redwood Estates in Oakdale; Virginia Hills in Imperial; and Washington Estates and Washington Estates II in Washington
  • Wisconsin: City View in Kenosha; Wheatland Estates in Burlington; Lincoln Park in West Allis; Village Terrace and Back Acres in Johnson Creek; Hickory Lane in Little Chute; Evergreen Villa in Stevens Point; Lazy Acres in Wausau; and Whispering Pines in Merrill.

RHP Properties is pleased to announce the purchase of these high-quality manufactured home communities, including expanding our company profile into the state of Wisconsin,” said Partrich. “With a strong start to 2019, we look forward to continued growth and opportunities throughout the year. As the need for affordable housing continues in the United States, we are proud to offer high quality homes, become active members of these communities and provide our 30 years of stable management and ownership experience to our residents.”

With these acquisitions, RHP Properties now owns and operates 254 manufactured home communities totaling more than 63,659 home sites.

About RHP Properties, Inc.

Founded in 1988, RHP Properties is the nation’s largest privately held owner and operator of manufactured home communities with managed assets of $3.8B, including 254 manufactured home communities nationwide, totaling about 63,659 homes in 25 states. Headquartered in Farmington Hills, Michigan, RHP Properties employs more than 950 professionals.

— end of RHP media release to MHProNews

It’s a big, bold move that has the industry’s largest privately owned communities portfolio advancing even closer to the site-count of Sun Communities (SUI) and Equity LifeStyle Properties (ELS).  Other recent community sector related reports are further below the byline, industry head-line email news and other offers, plus our notices.

 

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