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Subject: TNM

RHP PROPERTIES ANNOUNCES IOWA PORTFOLIO PURCHASE WITH ACQUISITION OF THREE MANUFACTURED HOME COMMUNITIES


Communities Nearby to Major Employers in Rapidly Growing Areas

FARMINGTON HILLS, Mich., May 16, 2022 /PRNewswire/ -- RHP Properties, the nation's largest private owner and operator of manufactured home communities, has announced the acquisition of three manufactured home communities in Iowa. This expands the company's portfolio to four communities in the state and brings the company's total of manufactured home communities to 315 nationwide. The announcement was made by Ross Partrich, CEO, RHP Properties.

The Iowa portfolio includes the communities of Eagle Ridge in Marion, located in the Cedar Rapids MSA, Park View Village in Grimes, in the Des Moines MSA and Sunrise in Pella. The all-age communities have a total of 723 home sites.

All three communities feature on-site amenities including clubhouses and storm shelters. Eagle Ridge and Park View Village offer subdivision-style layouts, with a majority of large multi-section homes, many of which have garages. The city of Pella boasts top rated schools and is among Iowa's top 10 safest cities.

Major employers in the region include General Mills, Wells Fargo and Pella Windows. All three communities are located in growing metro-areas that have experienced significant population increases over the past 20 years.

"RHP Properties is pleased to announce the acquisition of this portfolio, featuring well established communities in prominent metropolitan areas," said Partrich. "These communities are nearby to well-known national employers and have experienced a large population growth over the past two decades. RHP is proud to provide much needed affordable housing options with many amenities including RHP Social, our community programming that brings residents together through family friendly events such as barbeques, movie nights and holiday parties to enhance the sense of community for our residents."

About RHP Properties

Founded in 1988, RHP Properties is the nation's largest privately held owner and operator of manufactured home communities with managed assets of more than $6B, including 315 manufactured home communities nationwide, totaling about 73,898 homes in 30 states.

Headquartered in Farmington Hills, Michigan, RHP Properties employs more than 1,000 professionals. For more information visit www.rhp.com.

SOURCE RHP Properties


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