RHP Properties Announces The Purchase Of 29 Manufactured Home Communities In Three States For $184,000,000

Company Adds to Midwest Portfolio/New Homes and Upgrades Planned

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Apr 30, 2021, 12:03 ET

FARMINGTON HILLS, Mich., April 30, 2021 /PRNewswire/ -- RHP Properties, the nation's largest private owner and operator of manufactured home communities, has announced the acquisition of 29 manufactured home communities in Illinois, Indiana and Michigan containing more than 4,200 sites, for a purchase price of $184,000,000. This brings the company's total of manufactured home communities to 297 nationwide. The announcement was made by Ross Partrich, CEO, RHP Properties.

"RHP Properties is pleased to announce the purchase of the Heritage Portfolio. We are proud to be preserving affordable housing for more than 4,000 families," said Partrich. "We also plan to improve these communities, including the addition of brand new homes."

The planned improvements include new or enhanced amenities, playgrounds, and roads. The company also plans to bring in brand new homes at affordable prices, where residents can enjoy the privacy of a single family home and all the energy efficient features and design of today's manufactured home.

"We will be making necessary upgrades to ensure these communities are brought up to the RHP Standard," added Partrich. "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."

With these acquisitions, RHP Properties now owns and operates 297 manufactured home communities totaling 71,184 home sites.

About RHP Properties

Founded in 1988, RHP Properties is the nation's largest privately held owner and operator of manufactured home communities with managed assets of more than $6B, including 297 manufactured home communities nationwide, totaling about 71,184 homes in 28 states. Headquartered in Farmington Hills, Michigan, RHP Properties employs more than 1,000 professionals. For more information visit www.rhp.com.

RHP Properties specializes in, and continues to aggressively seek, acquisitions throughout the United States. Owners of manufactured home communities interested in selling to a highly experienced owner and operator should contact Joshua Mermell, senior vice president of acquisitions at 248-626-0737.

CONTACT:
Glenn Oswald
Christine Snyder
Marx Layne & Company
(248) 855-6777

SOURCE RHP Properties