RHP Properties has acquired the 133-site Ridgewood Manor in Manheim, Pa. The purchase brings the company’s portfolio to 299 manufactured housing communities nationwide and 11 in the state of Pennsylvania.
According to Ross Partrich, CEO of RHP Properties, the sale was a direct result of a referral from a previous purchase. A local private investor sold the property for $7.2 million, public records show. Prudential Financial originated a $4.8 million Freddie Mac acquisition loan that’s set to mature in 2031.
Located at 98 Breneman Road along PA-283, the asset is some 2 miles from retail and dining choices, 17 miles from Lancaster, Pa., and 31 miles from Harrisburg, Pa. Additionally, the property is close to many manufacturing and distribution industries, as well as farming and food production companies. Completed in 1972, the community features a playground, clubhouse and basketball court.
In the first quarter of 2021, the manufactured housing sector has recorded a 65 percent drop year-over-year in terms of closed deals of mid-tier sales ranging between $5 million and $10 million, according to the latest NorthMarq report. Despite that, the growing need for affordable housing will most likely keep investor interest in the asset type high.