RHP Properties Enters North Carolina With MHC Portfolio Buy

With this acquisition, the company's portfolio increased to 308 communities across 30 states.

River Oak. Image via Google Street View

RHP Properties has acquired a six-property manufactured housing collection. The purchase marks company’s first in North Carolina, bringing its portfolio to 308 communities across 30 states. Public records show the sellers were entities associated with Morosani & Associates.

The assets are located close to Asheville, N.C., the largest city in western North Carolina, with convenient access to several freeways and major cities. The area is home to several major employers, such as Eaton Corp., GE Aviation Asheville and Sierra Nevada Brewing.

Property breakdown

Wellington Estates. Image via Google Maps

Located at 380 Williams Road in Fletcher, N.C., Homestead features 39 homesites on a 7.8-acre site. Public records show the asset changed hands for $3.8 million.

The 70-site River Oak is an over 55 community situated at 56 River Oak Cir in Mills River, N.C. Spreading across 11 acres, the community features a clubhouse.

Riverview is an 82-site manufactured housing community located at 63 Bingham Road on almost 20 acres in Asheville, N.C. The asset sold for $7.5 million, according to public documents. Also located in Ashville at 5 Impala Trail, the 60-site Ridgeview was completed in 1980 and traded for $3.6 million.

The largest property in the portfolio is Wellington Estates, a 438-site community at 42 Avalon Drive in Arden, N.C., completed in 1975. Wellington West is located less than a mile away, at 185 Bradley Branch Road, and includes 57 homesites.

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