Manufactured Housing Properties Acquires Palm Shadows Mobile Home & RV Resort

Rhea-AI Summary

Manufactured Housing Properties Inc. (OTC: MHPC) has announced the acquisition of Palm Shadows Mobile Home & RV Resort located in Donna, Texas. This 55+ age-restricted community comprises 402 sites and 24 apartment units over 26.95 acres. The resort features various amenities, including a swimming pool, spa, and activity center. The acquisition aligns with MHPC's strategy to expand in the Texas market, which is part of its ongoing efforts to acquire properties with a high proportion of lot rent-only home sites. Following this acquisition, MHPC will own and operate 58 communities totaling 3,139 home sites. The company remains focused on growth in high-demand areas.

Positive

• Acquisition of Palm Shadows Mobile Home & RV Resort enhances MHPC's portfolio in Texas.
• Expansion aligns with strategic goals to increase lot rent-only properties.
• Post-acquisition, MHPC now operates 58 communities, totaling 3,139 home sites.

Negative

• None.

CHARLOTTE, N.C., April 17, 2023 (GLOBE NEWSWIRE) --  Manufactured Housing Properties Inc. (OTC: MHPC), a leading owner and operator of manufactured housing communities, announced today the company’s acquisition of Palm Shadows Mobile Home & RV Resort.

Palm Shadows is a 55+ age restricted manufactured housing and RV resort community containing a total of 402 sites and 24 apartment units situated on approximately 26.95 acres in Donna, Texas; part of the McAllen-Edinburg-Mission, TX MSA.  Resort amenities include a swimming pool and spa, recreational and activity center, lounge, outdoor shuffleboard, laundry facilities and an RC track area.  The community is serviced by public water and sewer.

“Palm Shadows Resort fits perfectly into our goal to expand into the Texas market,” said MHP’s Chairman and CEO Ray Gee.

“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 now owns and operates 58 manufactured housing communities comprised of 3,139 home sites.

About Manufactured Housing Properties Inc.

Manufactured Housing Properties Inc. (“MHP”) together with its affiliates, acquires, owns, and operates manufactured housing communities in North Carolina, South Carolina, Georgia, Tennessee, and Texas. The company focuses on acquiring and operating manufactured housing communities in high growth markets and is actively seeking to expand its portfolio.  To learn more, please visit www.mhproperties.com.

Cautionary Statement Regarding Forward-Looking Statements

Any statements contained in this press release regarding us, our expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and are forward-looking statements. Investors are cautioned that these forward-looking statements involve uncertainties and risks that could cause actual performance and results of operations to differ materially from those anticipated. The forward-looking statements contained herein represent our judgment as of the date of publication of this press release and we caution you not to place undue reliance on such statements. Factors that could cause actual results to differ from the forward-looking statements include those factors described in the “Risk Factor” section in our annual and quarterly reports filed with the SEC. Our company, our management and our affiliates assume no obligation to update any forward-looking statements to reflect events after the initial publication of this press release or to reflect the occurrence of subsequent events.

Regulation A Offering

An offering statement relating to our offering of Series C Cumulative Redeemable Preferred Stock has been filed with the SEC. The SEC has qualified that offering statement, which means that we may make sales of the securities described by that offering statement. It does not mean that the SEC has approved, passed upon the merits or passed upon the accuracy or completeness of the information in the offering statement. You may obtain a copy of the offering circular that is part of that offering statement through this link. You can also obtain a copy of the offering circular by contacting J.R. Thacker at Arete Wealth Management, LLC, the placement agent for the Regulation A offering, by calling (888) 690-3580, by email at jrthacker@centerstreetsecurities.com, or write to Arete Wealth Management, LLC at 2 International Plaza Suite 301, Nashville, TN  37217.

Investing in a Regulation A offering is subject to unique risks, tolerance for volatility, and potential loss of investment, that investors should be aware of prior to making an investment decision. Please carefully review the risk factors contained in the offering circular for this offering. For more information about Regulation A offerings, including the unique risks associated with these types of offerings, please click on the SEC's Investor Alert.

Neither this press release nor any of its content constitutes an offer to sell, solicitation of an offer to buy or a recommendation for any security by us or any third party. The content of press release is provided for general information purposes only and is not intended to solicit the purchase of securities or to be used as investment, legal or tax advice. A securities offering by us is only being made pursuant to the offering circular described above. The content of this press release is qualified in its entirety by such offering circular. Prospective investors are urged to consult with their own, investment, legal and tax advisors prior to making any investment.

Contact:

Adam Martin

Chief Investment Officer

(980) 273-1702 ext. 239

FAQ

What is the significance of MHPC's acquisition of Palm Shadows Mobile Home & RV Resort?

The acquisition strengthens MHPC's presence in the Texas market and aligns with its strategic goal of increasing properties focused on lot rent.

How many sites and units does Palm Shadows Mobile Home & RV Resort contain?

Palm Shadows consists of 402 sites and 24 apartment units.

What amenities are offered at Palm Shadows Mobile Home & RV Resort?

The resort includes a swimming pool, spa, recreational center, lounge, shuffleboard, laundry facilities, and an RC track area.

What is the impact of this acquisition on MHPC's portfolio?

Post-acquisition, MHPC operates 58 manufactured housing communities totaling 3,139 home sites, indicating substantial growth.

What is MHPC's market focus following the acquisition?

MHPC is focusing on acquiring properties in high-growth markets, particularly in Texas.