MHP Adds Five Southeastern Manufactured Housing Communities to Portfolio

Manufactured Housing Properties Inc. (OTC: MHPC), an owner and operator of manufactured housing communities and sponsor of a non-traded preferred stock offering, announced the company’s acquisition of five manufactured housing communities in the high-growth southeastern U.S. The five communities were acquired for an aggregate purchase price of $12.9 million.

The five communities acquired consist of Country Aire in Simpsonville, South Carolina, situated on approximately 20.8 acres and comprised of 105 home sites; Wake Forest in Raleigh, North Carolina, comprised of two communities, Cooley and Country Road Manufactured Housing Communities, with a total of 72 home sites; Mobile Cottage in Morganton, North Carolina, with 23 home sites; and Merritt Place in Brunswick, Georgia, with 54 home sites.

“These communities fit perfectly into our expanding affordable housing portfolio,” MHP’s chairman and chief executive officer Ray Gee, said. “The deep knowledge and extensive experience of our investment group allowed us to quickly engage with the sellers, negotiate a fair price and promptly close. We are already making infrastructure improvements where needed to provide a great resident experience and meet our return targets.”

“The Country Aire acquisition reflects our focus on acquiring communities that contain a high percentage of lot rent-only home sites,” MHP president Jay Wardlaw, said. “We’re very excited about our acquisition pipeline as 2023 unfolds and look forward to adding additional communities to our portfolio.”

Manufactured Housing Properties Inc., together with its affiliates, acquires, owns, and operates manufactured housing communities in North Carolina, South Carolina, Georgia and Tennessee. Manufactured Housing Properties now owns and operates 57 manufactured housing communities comprised of 2,747 home sites.

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