Farmington Hills’ RHP Properties, an owner and operator of residential real estate developments, has acquired 29 manufactured home communities in Illinois, Indiana, and Michigan.
The communities contain more than 4,200 sites, and the purchase price was $184 million. The deal brings RHP’s total manufactured home communities to 297 nationwide, with 71,184 home sites.
“RHP Properties is pleased to announce the purchase of the Heritage Portfolio,” says Ross Partrich, CEO of RHP. “We are proud to be preserving affordable housing for more than 4,000 families. We also plan to improve these communities, including the addition of brand-new homes.”
The improvements are expected to include new or enhanced amenities, playgrounds, and roads. The company also plans to bring in new homes where residents can enjoy the privacy of single-family homes as well as the energy efficient features of manufactured homes.
RHP was founded in 1988. With managed assets of more than $6 billion, it has homes in 28 states and employs more than 1,000 people.