RHP Properties, headquartered in Farmington Hills, MI, has acquired the Heritage Portfolio, a collection of 29 manufactured home communities in Illinois, Indiana and Michigan containing more than 4,200 sites, for a purchase price of $184,000,000. This brings the company’s total of manufactured home communities to 297 nationwide.
“We are proud to be preserving affordable housing for more than 4,000 families,” said Ross Partrich, CEO of RHP, reportedly the nation’s largest private owner and operator of manufactured communities. “We also plan to improve these communities, including the addition of brand new homes.”
The planned improvements include new or enhanced amenities, playgrounds and roads. “We will be making necessary upgrades to ensure these communities are brought up to the RHP standard,” Partrich added.
With these acquisitions from an undisclosed seller, RHP now owns and operates 71,184 home sites with a total asset value of more than $6 billion.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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