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Posts Tagged ‘northstar realty’

MHC Investors to Present at Forum

May 23rd, 2013 Comments off

MarketWatch reports senior executives of MHC owner UMH Properties, Inc. will present at this year’s National Association of Real Estate Investment Trust’s (NAREIT) REITWeek Investor Forum June 5, 2013. Held at the Hilton Chicago, as MHProNews has learned independently, Northstar Realty Finance Corp. will also be among the presenters at the forum. UMH owns and operates 68 manufactured home communities comprised of 12,800 developed home sites in seven states. As we reported here April 16, 2013, Northstar is involved with RHP Properties in the recent $865 million acquisition of 71 manufactured home communities.

(Image credit: UMH Properties, Inc.)

RHP Acquires Countryside Village in Jacksonville

April 30th, 2013 Comments off

BizJournals reports RHP Properties of Farmington Hills, Mich. has acquired Countryside Village manufactured housing community in Jacksonville, Fla. for $31.3 million from Denver-based ARC Managements Services LLC. The acquisition includes vacant land along Beach Boulevard. According to Duval County records, the property contains 114 structures on 106 acres. Two independent websites indicate there are 643 homes in Countryside, a number that could not be immediately confirmed. MHProNews reported April 16, 2013 that RHP, in conjunction with Northstar Realty Finance Corp., acquired 71 MHCs for $865 million. RHP bills itself as the largest privately-held owner/operator of MHCs with 231 communities comprised of 51,000 homesites.

(Photo credit: Sunny Oaks Community)

New Twist on a Recent Transaction

April 16th, 2013 Comments off

According to a story MHProNews posted April 8, 2013 about Northstar Realty Finance Corp. acquiring 71 manufactured housing communities at a cost of $865 million based on information we received from the National Real Estate Investor (nreionline), we now learn from BusinessWire that RHP Properties, Inc. of Farmington Hills, Mich. is a partner in this deal— same number of communities, same price. While Northstar’s CEO David Hamamoto says, “We are extremely pleased with the acquisition of a second large portfolio in a sector of commercial real estate which has consistently demonstrated stable cash flows,” CEO Ross Partrich of RHP says, “We are pleased with our latest acquisition located in dynamic housing markets across the country.” RHP says it is now the largest privately-held owner and operator of manufactured housing communities with 231 MHCs comprised of 51,000 homesites.

(Photo credit: Bill Ingram/Palm Beach Post–Whitehaven Seniors Community)

NorthStar Purchases Sizeable Portfolio

April 8th, 2013 Comments off

According to nreionline (National Real Estate Investor), NorthStar Realty Finance Corp. has acquired a portfolio of 71 manufactured home communities comprised of approximately 17,000 home sites for $865 million. Financed with a $640 million mortgage for ten years at 4.02% fixed, the company expects an initial annual yield of 14%. The identity of the seller was not disclosed, but the properties are in five states, mostly in Florida and Salt Lake City, Utah. NorthStar CEO David Hamamoto says, “We are extremely pleased with the acquisition of a second large portfolio in a sector of commercial real estate which has consistently demonstrated stable cash flows, steady rental growth, very low turn-over rates and minimal capital expenditures .” Additionally, MHProNews has learned the company has issued a public offering of $175 million of its 8.50 percent Series D Preferred Stock.

(Photo credit: Forest Green Mobile Home Park–Hudson, Fla.)