RHP Properties Acquires 50 Manufactured Home Communities With 5,232 Homesites in Michigan, Minnesota and Wisconsin.
RHP Properties, the largest private owner and operator of manufactured home communities in the U.S., has acquired 50 communities, including 41 communities in Wisconsin, seven in Minnesota, and two in Michigan.
It plans to add more than 500 new manufactured homes to the new addition in the portfolio during the next five years, the company said.
“The acquisition will make a difference for thousands of Midwest families, seniors, and others feeling the squeeze of today’s housing market,” RHP Properties CEO Ross Patrich said, “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 says it plans to spend about $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.
“We recognize all that Wisconsin, Minnesota, and Michigan have to offer,” Patrich said. “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.”