RHP Properties Acquires 29 Manufactured Home Communities for $184M
The company has expanded its Midwest portfolio by 4,200 sites, situated across Illinois, Indiana and Michigan.
FARMINGTON HILLS, MI – Private owner and operator of manufactured home communities, RHP Properties has acquired 29 manufactured home communities in Illinois, Indiana and Michigan for the purchase price of $184 million.
The Heritage portfolio totals 4,200 sites.
RHP Properties plans to improve the properties through new or enhanced amenities, playgrounds and roads. The company additionally intends to preserve the affordable housing and add new single-family homes at affordable prices to the communities.
“RHP Properties is pleased to announce the purchase of the Heritage Portfolio,” states Ross Partrich, CEO of RHP Properties. “We are proud to be preserving affordable housing for more than 4,000 families. We also plan to improve these communities, including the addition of brand new homes.”
Partrich adds, “We will be making necessary upgrades to ensure these communities are brought up to the RHP standard. We look forward to becoming active members of these communities and providing our more than 30 years of stable management and ownership experience to our residents.”
The recent acquisition expands company’s owned and operated manufactured home communities to total 297 nationwide, spanning 71,184 home sites.