MHP Expands into Texas with $10.5 Million Acquisition

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 acquisition of Palm Shadows Mobile Home & RV Resort in Donna, Texas, for $10.5 million.

Palm Shadows is a 55+ manufactured housing and RV resort community containing 402 sites and 24 apartment units on approximately 27 acres.

“We’re thrilled to add Palm Shadows to our portfolio of communities,” said MHP’s chairman and chief executive officer Ray Gee. “The resort fits perfectly into our goal to expand into the Texas market.”

MHP says the resort’s amenities include a swimming pool and spa, recreational and activity center, lounge, outdoor shuffleboard, laundry facilities and a remote-controlled track area. The community is serviced by public water and sewer.

“The Palm Shadows Resort acquisition reflects our continued focus on acquiring communities that contain a high percentage of lot rent-only home sites,” added MHP president Jay Wardlaw. “We look forward to adding additional Texas 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, Texas and Tennessee. Manufactured Housing Properties now owns and operates 58 manufactured housing communities comprised of 3,139 home sites.

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