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Posts Tagged ‘rhp properties’

Manufactured Housing Big in Southeast Mich.

May 6th, 2013 Comments off

Craig’sDetroit notes southeast Mich. is home to two of the largest owners of manufactured home communities. RHP Properties of Farmington Hills is the largest privately-owned MHC in the nation, having just competed a deal to acquire 71 more communities, bulging its portfolio to $2.25 billion, as MHProNews posted April 16, 2013. It now owns 231 communities comprised of 51,000 homesites. Meanwhile, Sun Communities, Inc. of Southfield, Mich. owns and operates 183 communities with over 67,000 homesites. Tim DeWitt, executive director of the Michigan Manufactured Housing Association (MMHA) in Okemos says industry production began in Mich. but moved across the border to Elkhart, Ind. in the 1960’s when workers compensation laws took effect. Richard Lutz, associate at the Southfield office of Marcus and Millichap Real Estate Investments Services, Inc. says around 2000, approximately 12,000 MH units were selling in the state each year, but that has dropped to 2,000. The three county Detroit area has 41,000 homesites in almost 100 communities. Kevin Flaherty of Champion Homes, Inc. in Troy, Mich. says some community owners are buying direct from the producer and selling them to residents, thereby lowering the cost.

(Image credit: Champion Homebuilders, Inc.)

Jacksonville Community part of Larger Deal

May 1st, 2013 Comments off

Following up on a story we posted April 16 regarding the acquisition by RHP Properties of 71 manufactured housing communities for $865 million, and a post April 30 about a subsequent acquisition of Countryside Village MHC in Jacksonville, Fla., for $31 million, MHProNews has learned from a correction in bizjournals Countryside is part of the 71 community package. Furthermore, the other properties in Jacksonville acquired by RHP include Portside at the Beaches, $32 million; Ortega Village, $5.8 million; DeerPointe, $5 million; and Magnolia Circle, $3.2 million.

(Photo credit: thinkstock.com)

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)