A Michigan real estate investment firm has purchased more than 20 mobile home parks in Wisconsin for just over $146.77 million as part of a larger acquisition of 50 manufactured home communities in Wisconsin, Minnesota, and Michigan.
According to a press release posted on Farmington Hills, Michigan-based
RHP Properties' website, the deal includes 41 properties in Wisconsin.
Property transfer documents available on the state Department of Revenue’s website as of Friday morning listed about 22 of those transfers covering purchases of mobile home communities across the state.
Of the transfers posted to the state’s website four involved mobile home parks in southeastern Wisconsin:
- Lannon Estates, 20179 W. Good Hope Road, Lannon (48 acres, 161 units) – $15.9 million
- Skyview Terrace, 2742 Main St., East Troy (14 acres, 109 units) – $9.88 million
- Sunrise Shores, 8481 S. Fifth Ave., Oak Creek (10½ acres, 46 units) – $2.97 million
- Coachman’s Terrace, W3540 Highway 50, Lake Geneva (26.37 acres, 59 units) – $5.64 million
The properties were sold by limited liability companies affiliated with a Carlsbad, California-based investor
Asset Development Group.
According to a press release issued earlier this week, RHP plans to spend over $7.5 million in the first 18 months of ownership on utility upgrades, roadwork, and amenity upgrades at its new acquisitions over the next few years. Those improvements will include playgrounds and parks to improve infrastructure and lifestyle, the release states. It also plans to add over 500 new manufactured homes to the communities.
“This acquisition will make a difference for thousands of Midwest families, seniors, and others feeling the squeeze of today’s housing market,” Ross Partrich, CEO, RHP Properties, said in the press release. “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.”
