RHP Properties Sells Northwest Ohio MHC
The buyer financed the acquisition with a loan from Ready Capital.
Castle Park Investments has acquired Royal Village, a 233-site manufactured housing community in Toledo, Ohio. According to public records, the seller was an entity connected to RHP Properties. The new owner financed the purchase of the property with a $9 million acquisition loan from Ready Capital.
Located at 7519 Dorr St., the property is less than 2 miles from Interstate 475 and almost 14 miles from downtown Toledo. Royal Village is close to several retail and dining choices. Completed in 1969, the all-age community includes common-area amenities such as a clubhouse, swimming pool and fenced storage area.
The new owner intends to improve the property’s infrastructure and bring new homes for sale and rent. With the addition of Royal Village to its portfolio, Castle Park now manages more than 800 manufactured home and RV sites.
At the beginning of June, RHP Properties bought the 133-site Ridgewood Manor in Manheim, Pa., for $7.2 million. At that time, the acquisition marked the company’s 299th manufactured housing community purchase nationwide and its 11th in the state of Pennsylvania.