Havenpark Communities Invests $35 Million in Property Improvements during 2022
Havenpark Communities, an operator and developer of manufactured home communities, announced today that it completed $35 million in community upgrades across its properties last year, making good on its 2022 capital investment pledge ahead of schedule. Upgrades include durable infrastructure, state-of-the-art community amenities, beautiful landscaping, new signage, and overall enhanced curbside appeal.
This investment comes on the heels of a $24 million capital infusion Havenpark used to upgrade several of its properties in 2021. These strategic investments have resulted in an overall enhanced quality of living for Havenpark residents.
"Meeting our capital improvement investment goal for 2022 was a critical achievement for Havenpark. By continually reinvesting in our properties, we are not only improving the resident experience, but we are also increasing the value of our residents' most valuable asset – their home. That's good for the property and our homeowners," said Ramie Rajabi, president of Havenpark Communities. "As we have seen over the past several years, properly maintained manufactured homes in well-managed and favorably located communities increase in value over time, making our homes an incredible solution for those seeking affordability while tapping the benefits of homeownership."
Recent research from LendingTree shows that manufactured homes across the United States have appreciated in value almost as quickly as site-built homes over the past several years, all while costing significantly less.
Manufactured housing continues to be a real solution to the acute affordable housing shortage in America, and Havenpark is proud to provide high-quality, affordable manufactured homes in caring communities across the country.
At one of its larger properties, River's Edge in Clinton Township, Michigan, Havenpark invested $7.6 million in the last two years to install large sections of new concrete roads, upgrade playgrounds, add new picnic pavilions, build sidewalks, resurface resident driveways, install higher quality lighting and community signage, among other projects to beautify the community.
In 2023, Havenpark plans to continue making significant upgrades and improvements as needed across its portfolio.