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RHP Acquires La Porte Manufactured Housing Community
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. Commercial Edge reports the seller was FollettUSA, a manufactured home operator and owner who held the majority ownership interest in the property, and a private seller.
The manufactured home community, at 3252 W. Plantation Drive, includes several amenities, including two swimming pools, a clubhouse, a fitness center and a playground area.
RHP claims to be the nation’s number one manufacturing housing company, with $7 billion in assets and 371 communities in 30 states. 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.
- ◦Sale/Acquisition