RHP Properties Buys $865M in Manufactured Housing
- Apr 15, 2013
Farmington Hills, Mich.—RHP Properties has become the nation’s largest privately held owner and operator of manufactured home communities with its most recent transaction in partnership with NorthStar Realty Finance Corp. The venture acquired a portfolio of 71 communities containing approximately 17,000 home sites. The $865 million portfolio is geographically diverse, and includes communities in Salt Lake City, New York and Florida.
“We are pleased with our latest acquisition located in dynamic housing markets across the country. I am very proud of the partnership team, as it was an enormous effort to close a transaction of this size in a total of only 45 days,” says Ross Partrich, chief executive officer of RHP Properties Inc. “With the purchase of these communities, we look forward to continuing to provide tremendous value for our current and future residents.”
Earlier this year, RHP Properties, in partnership with NorthStar Realty Finance Corp., expanded its portfolio by completing a $333 million acquisition that was comprised of 36 communities containing 6,269 home sites. Those communities are primarily located in the Denver Metropolitan Area and Wyoming.
ARA sells 250-unit community in Houston
Houston—A 250-unit Houston community has traded hands thanks to ARA. Compass Point, a 1971-built, 75 percent leased asset, was bought by Urban Southwest Capital, a Dallas-based investor, and sold by PEM Real Estate Group, which held the property for less than a year. According to ARA, the buyer plans to continue the rehabilitation program initiated by the seller.
“It was a great deal for both buyer and seller,” says ARA broker Matt Saunders. “This deal highlights the number of great investment opportunities that abound in the Houston marketplace.”