RHP Properties Picks Up Houston Metro Area MHC

PGIM Real Estate Finance provided acquisition financing.

RHP Properties has purchased Pecan Plantation, a 226-homesite manufactured housing community in La Porte, Texas. To finance the acquisition, the company secured a $15.3 million loan originated by PGIM Real Estate Finance and set to mature in 2030, according to Harris County public records.

The same source shows that the seller was an entity related to Sacramento, Calif.-based FollettUSA, a manufactured home operator and owner that held the majority ownership interest in the property, and a private seller.

The all-age, pet-friendly manufactured home community is at 3252 W. Plantation Drive. Pecan Plantation includes spacious homesites and a mix of amenities, including two swimming pools, a clubhouse, a fitness center, a playground area and an onsite management and sales office.

Pecan Plantation is within a top-rated school district and allows easy access to nearby attractions such as Sylvan Beach and Pecan Park, while also being close to multiple retail and dining options. Downtown Houston is 22 miles from the property, and George Bush International Airport is within a 32-mile drive. Additionally, Pecan Plantation provides easy access to multiple large employers in the area, such as Exxon Mobil, Waste Management, Sysco and the Port of Houston.

Texas deals pick up

Last year through October, 10 mobile home communities changed hands in the Southwest region, according to a recent Northmarq report. Out of these, seven deals closed in Texas.

One of the largest recent MHC deals that included properties in the state was QuadReal Property Group’s $330 million portfolio acquisition of eight communities in key markets across Dallas and Austin, Texas, as well as Salt Lake City and Orlando, Fla.