RHP Buys Iowa MHC Portfolio for $69M

Sunrise Mill. Image via Google Street View After recently expanding its presence in Delaware, RHP…

Sunrise Mill. Image via Google Street View

After recently expanding its presence in Delaware, RHP Properties has acquired three manufactured housing communities in Iowa. Public records show Brenton Communities sold the 723-homesite portfolio for a combined $69.3 million. The purchase of the all-age properties brings the company’s portfolio in the state to four. Nationally, the buyer now owns 315 assets.

One of the properties that RHP acquired in Iowa is located at 1285 Red Fox Way in Marion. Public documents show that Eagle Ridge traded for $30.4 million. The community features 335 homesites, and common-area amenities such as a playground and clubhouse.

Park View Village in Grimes is another manufactured housing community that RHP purchased. The asset is situated at 1900 SE 28th St. and changed hands for $33.3 million. The property comprises 309 homesites and features a basketball court.

The last property in the portfolio was 79-homesite Sunrise Mill, which was acquired for $5.6 million and is located at 314 Sunrise Park in Pella. The community features a clubhouse and offers off-street parking.

See also  Why Infrastructure Matters for Manufactured Housing Communities