A Michigan investor of mobile-home communities has recently acquired nine communities in Wisconsin, including three in the southeastern region.
RHP Properties, which is headquartered in Farmington Hills, Michigan and claims to be the nation’s largest privately-held owner and operator of manufactured-home communities, announced this week it had purchased a total of 17 communities in five states for a total of $170 million.
The acquisition included Lincoln Park in West Allis, City View in Kenosha and Wheatland Estates in Burlington. State records show the 14-acre Lincoln Park, which has 200 sites, was purchased for nearly $11.84 million.
Other properties purchased in Wisconsin include:
- Village Terrace in Johnson Creek
- Back Acres in Johnson Creek
- Hickory Lane in Little Chute
- Evergreen Villa in Stevens Point
- Lazy Acres in Wausau
- Whispering Pines in Merrill
The acquisitions bring the company’s total number of mobile-home parks it owns to 254 across the U.S. This accounts for more than 63,659 home sites.
“There is a strong demand and need for affordable housing in Wisconsin, which currently has an unemployment rate of approximately three percent,” Ross Partrich, chief executive officer of RHP Properties, said in a statement. “These communities are close to jobs, company headquarters, excellent retail, and eight out of nine of the communities are less than 30 minutes away from a campus or branch of the University of Wisconsin. We look forward to becoming active members of these communities and providing our 30 years of experience to our residents.”
RHP Properties has assets totaling $3.8 billion and employs more than 950 people. It continues to aggressively seek acquisitions throughout the U.S. The company said it looks for properties that are near metropolitan areas with a diversified economy and strong demographics.
