Additional new homes in Wisconsin will address lack of affordable housing
FARMINGTON HILLS, Mich., Sept. 19, 2022 /PRNewswire/ -- RHP Properties (RHP), the nation's largest private owner and operator of manufactured home communities, has announced the acquisition of 50 manufactured home communities, including 41 communities in Wisconsin, seven in Minnesota, and two in Michigan, with plans to add over 500 new manufactured homes in the next five years.
This acquisition will make a difference for families, seniors, and others feeling the squeeze of today's housing market
"This acquisition will make a difference for thousands of Midwest families, seniors, and others feeling the squeeze of today's housing market," said Ross Partrich, CEO, RHP Properties. "By growing our portfolio and delivering 500 new homes we are reinforcing a central part of our mission to offer homes people can afford in safe, community-focused, and well-managed environments."
RHP plans to spend over $7.5 million in the first 18 months of ownership on utility upgrades, roadwork, and amenity upgrades, such as playgrounds and parks to improve infrastructure and lifestyle. The addition of 500 homes will enable more families to enjoy the privacy of a single-family home and the energy efficient features and design of today's manufactured home.
"We recognize all that Wisconsin, Minnesota, and Michigan have to offer," added Partrich. "Wisconsin's commitment to economic development and its recent infrastructure investment positions cities across the state for a strong job market, and we're excited to invest and participate in communities where residents have the opportunity to thrive."
Founded in 1988, RHP Properties is the nation's largest privately held owner and operator of manufactured home communities with managed assets of more than $6B, including 368 manufactured home communities nationwide, totaling about 79,585 homesites in 30 states. Headquartered in Farmington Hills, Michigan, RHP Properties employs more than 1,000 professionals. For more information visit www.rhp.com.
RHP Properties specializes in, and continues to aggressively seek, acquisitions throughout the United States. Owners of manufactured home communities interested in selling to a highly experienced owner and operator should contact Joshua Mermell, senior vice president of acquisitions at 248-626-0737.
SOURCE RHP Properties