New Twist on a Recent Transaction

According to a story MHProNews posted April 8, 2013 about Northstar Realty Finance Corp. acquiring 71 manufactured housing communities at a cost of $865 million based on information we received from the National Real Estate Investor (nreionline), we now learn from BusinessWire that RHP Properties, Inc. of Farmington Hills, Mich. is a partner in this deal— same number of communities, same price. While Northstar’s CEO David Hamamoto says, “We are extremely pleased with the acquisition of a second large portfolio in a sector of commercial real estate which has consistently demonstrated stable cash flows,” CEO Ross Partrich of RHP says, “We are pleased with our latest acquisition located in dynamic housing markets across the country.” RHP says it is now the largest privately-held owner and operator of manufactured housing communities with 231 MHCs comprised of 51,000 homesites.

(Photo credit: Bill Ingram/Palm Beach Post–Whitehaven Seniors Community)

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