RHP Properties has made its first investment in the California market with the purchase of Brookside Country Club, a 421-site manufactured home community in the El Monte neighborhood of Los Angeles. The firm noted the affordable housing crisis in Los Angeles as a motivating factor for the purchase. It plans to perform a value-add strategy to drive occupancy, and says that the community will offer an affordable residential alternative.

“We surveyed the multifamily rental market as well as the single-family residential market and found that manufactured housing was a good option for residents,” Ross H. Partrich, CEO at RHP Properties,” tells GlobeSt.com. “This property was well positioned in the market as it relates to the high cost of multi-family and single-family residential rents. This was an excellent opportunity to break into the California market. We saw vacant home sites that we can fill with brand new affordable homes for residents. It's a good upside for us and a great value for residents.”

RHP focuses on manufactured home communities, so while the market is new, the product type is not. In California, the firm plans to execute a similar strategy. “In California, similar to across the country, our focus is all age, family, manufactured home communities. We have a long-term outlook on the industry and our strategy is to make capital investment in the community and hold for the long term,” says Partrich, adding that they are continuing to look for opportunities in this market. “We are actively looking throughout the state of California, working with brokers and owners directly.”