{"id":1004070902,"date":"2013-04-16T06:17:10","date_gmt":"2013-04-16T14:17:10","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004070902"},"modified":"2022-12-08T04:38:25","modified_gmt":"2022-12-08T12:38:25","slug":"purchase-of-865m-portfolio-pushes-rhp-properties-upward","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/purchase-of-865m-portfolio-pushes-rhp-properties-upward\/","title":{"rendered":"Purchase of $865M Portfolio Pushes RHP Properties Upward"},"content":{"rendered":"

By Scott Baltic, Contributing Editor<\/em>\u00a0<\/span><\/p>\n

\"\"<\/a>

Salt Lake City<\/p><\/div>\n

RHP Properties Inc., of Farmington Hills, Mich., is now the nation\u2019s largest privately held owner and operator of manufactured-home communities, thanks to its most recent acquisition, of an $865 million manufactured-housing portfolio, the company announced Monday. The portfolio totals about 17,000 home sites in 71 communities in five states, including Utah, New York and Florida.<\/p>\n

The acquisition was made in partnership with NorthStar Realty Finance Corp., New York. In a separate announcement last week, NorthStar stated that the transaction was financed with a $640 million non-recourse, 10-year mortgage with a fixed interest rate of 4.02 percent. The company anticipates an initial current yield of approximately 14 percent on its equity investment.\u00a0<\/span><\/p>\n

David Hamamoto, NorthStar\u2019s chairman and CEO, described the manufactured-housing sector in a release as having \u201cconsistently demonstrated stable cash flows, steady rental growth, very low turn-over rates and minimal capital expenditures.\u201d<\/p>\n

The ages and amenity packages of the just-purchased communities vary widely, RHP Properties CEO Ross Partrich told Commercial Property Executive<\/em>, though most are aimed at RHP\u2019s core market of working-class families. These communities typically have a club house for events and for private rental and often a swimming pool and\/or a basketball court.\u00a0<\/span><\/p>\n

\u201cThe sector is doing very well,\u201d Partrich said, if only because there\u2019s always demand for affordable housing.<\/p>\n

Earlier this year, RHP, in partnership with NorthStar, completed a $333 million acquisition of 36 communities, primarily in metro Denver and in Wyoming, totaling 6,269 home sites.\u00a0<\/span><\/p>\n

RHP\u2019s current $2.25 billion portfolio includes 218 manufactured-home communities, totaling approximately 51,000 home sites across 25 states, and 13 apartment properties with more than 3,500 units in Michigan.\u00a0<\/span><\/p>\n

In 2011, the average selling price of a new single- or multi-section manufactured home (average 1,470 square feet) was $60,600, versus $207,950 for the average new site-built home (average 2,494 square feet), according to a 2012 report by the Manufactured Housing Institute. The averages quoted, which do not include land costs in either case, are based on U.S Census Bureau figures.\u00a0<\/span><\/p>\n

The costs per square foot work out to $41.22 for manufactured and $83.38 for site-built.<\/p>\n

Also in 2011, site-built housing starts totaled around 431,000 versus nearly 52,000 manufactured homes shipped, for a breakdown of 89 percent versus 11 percent of the single-family market.\u00a0<\/span><\/p>\n

Nationwide, about one-quarter of new manufactured homes are placed in communities and the remainder go onto private property, also according to the MHI report.<\/p>\n","protected":false},"excerpt":{"rendered":"

RHP Properties is now the nation\u2019s largest privately held owner and operator of manufactured-home communities, thanks to its most recent acquisition, of an $865 million manufactured-housing portfolio.<\/p>\n","protected":false},"author":882,"featured_media":1004070937,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,11,21742,1606,15],"tags":[],"class_list":["post-1004070902","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-midatlantic","category-latest","category-salt-lake-city","category-west"],"acf":[],"yoast_head":"\nPurchase of $865M Portfolio Pushes RHP Properties Upward - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/purchase-of-865m-portfolio-pushes-rhp-properties-upward\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Purchase of $865M Portfolio Pushes RHP Properties Upward\" \/>\n<meta property=\"og:description\" content=\"RHP Properties is now the nation\u2019s largest privately held owner and operator of manufactured-home communities, thanks to its most recent acquisition, of an $865 million manufactured-housing portfolio.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/purchase-of-865m-portfolio-pushes-rhp-properties-upward\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-04-16T14:17:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T12:38:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/04\/DSC_0346.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"531\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/purchase-of-865m-portfolio-pushes-rhp-properties-upward\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/purchase-of-865m-portfolio-pushes-rhp-properties-upward\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"Purchase of $865M Portfolio Pushes RHP Properties Upward\",\"datePublished\":\"2013-04-16T14:17:10+00:00\",\"dateModified\":\"2022-12-08T12:38:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/purchase-of-865m-portfolio-pushes-rhp-properties-upward\\\/\"},\"wordCount\":397,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/purchase-of-865m-portfolio-pushes-rhp-properties-upward\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/04\\\/DSC_0346.jpg\",\"articleSection\":[\"Investment\",\"Mid-Atlantic\",\"News\",\"Salt Lake City\",\"West\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/purchase-of-865m-portfolio-pushes-rhp-properties-upward\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/purchase-of-865m-portfolio-pushes-rhp-properties-upward\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/purchase-of-865m-portfolio-pushes-rhp-properties-upward\\\/\",\"name\":\"Purchase of $865M Portfolio Pushes RHP Properties Upward - 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