RHP Properties Announces Another Successful Year Of Acquisitions And Growth
FARMINGTON HILLS, Mich., Jan. 8, 2021 /PRNewswire/ -- RHP Properties, the nation’s largest privately held owner and operator of manufactured home communities providing affordable housing to families and seniors since 1988, announces the acquisition of nine manufactured home communities in 2020. Ross Partrich, RHP’s CEO, made the announcement.
Despite the Covid-19 pandemic, the RHP team was able to successfully add nine manufactured home communities to the portfolio, comprised of 2,200 sites and valued at approximately $152M. The company was able to increase their active pipeline by sourcing new opportunities through its network of community owners, brokers, and other market participants. Additionally, the RHP team was able to conduct diligence and transitions safely and seamlessly to ensure quick closings.
Most of the acquisitions were second-generation family-owned communities with long-lasting relationships with their residents. RHP excels at these acquisitions, working collaboratively with ownership to ensure a smooth transaction while maintaining family traditions and providing residents a seamless transition to the RHP ownership and lifestyle experience.
Another milestone in 2020 was RHP adding a community in Iowa to its portfolio. Now in 28 states, RHP is looking forward to more opportunities to expand in Iowa as well as many other states.
With these acquisitions, RHP now has 269 communities comprised of over 67,000 sites and are looking forward to continued growth in 2021.
“There is a significant need for quality affordable housing that provides residents a great living experience,” said Ross Partrich, CEO. “We continue to focus on making capital improvements to our communities, providing residents positive experiences, and ensuring active engagement in each of our local communities.”
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 $5B, including 269 manufactured home communities nationwide, totaling about 67,223 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.
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SOURCE RHP Properties