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Home / Havenpark Communities buys two Iowa City mobile home parks for combined $33.5 million
IOWA CITY — Property records show Utah-based Havenpark Communities has purchased two mobile home parks in Iowa City for a combined $33.5 million, adding to the several parks it owns in the state.
The company bought Lake Ridge, 893 Spring Ridge Dr., for $11.5 million on Jan. 2. It purchased Modern Manor, 1700 S. Scott Blvd., for $22 million on Jan. 25.
Havenpark spokesman Josh Weiss confirmed the purchases in an email to The Gazette on Thursday. Weiss said no additional purchases in Iowa are planned at this time.
Havenpark Communities — which was previously Havenpark Capital — attracted attention in 2019 for buying mobile home parks and hiking tenants’ rent anywhere from 24 percent to 69 percent. Tenants organized into residents associations and sought support from elected officials, including then-Presidential candidate, Elizabeth Warren, Democratic U.S. Senator from Massachusetts.
State lawmakers have been working on legislation to protect mobile home park residents and have made progress this legislative session.
The bill, advanced by a House subcommittee last week, would require 90 days’ notice for rent and utility increases, as well as for terminating a rental agreement.
The bill also would offer some protections from retaliation by mobile home park owners but would not limit rent increases.
Asked about lot rents increasing for the Lake Ridge and Modern Manor, Weiss said the previous owner of both properties implemented a rate increase in December 2021. He said Havenpark “will not have any further rate adjustments until at least December of 2022.”
“Even then, we do not plan any large increases,” Weiss said.
Weiss added Havenpark will invest in the property this year with “several community improvement projects including tree work, road repairs and additional resident amenities.”
The Gazette requested a list of properties owned by Havenpark in Iowa but was denied.
“As a privately held company, we do not provide lists of the properties we own and therefore cannot provide a full list of our Iowa properties as you requested,” Weiss said.
The Gazette reported on Havenpark acquiring Western Hills Mobile Estates in Coralville for $7.5 million in October 2019. At the time, the company also owned Golf View Mobile Home Court in North Liberty, Sunrise Village in Iowa City and West Branch Village in West Branch, plus parks in Huxley, Indianola and Waukee.
Radio Iowa reported there are at least 549 mobile home parks in the state, with nearly half of them owned by out-of-state companies.
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