Havenpark notes that few, if any, new parks are being built, and there’s been a steady pattern of closures. The company has said park maintenance expenses are low and tenant turnover is minimal because it can cost about $6,000 to move a home. The company boasts that its investments in manufactured home parks produce a generous and dependable profit. But they can be found on the internet as archived web pages, and the company did not contest their authenticity. The documents are not publicly accessible anymore. In marketing materials for potential investors, Havenpark has touted a much different value proposition. Since most residents own their own homes, they also appreciate the fact that should they choose to sell their home to an incoming resident, they can command a higher price since the community looks better due to the capital improvements we have made." In a statement, the company said, "The vast majority of our residents appreciate the upgrades we make in the communities and understand that the rates we charge are in line with the local market level. That includes spending $1 million so far this summer on new roads and trimming trees. The company said this was necessary to fund park improvements. ![]() It does not disclose how many parks it currently owns or where they are.Īt its three Minnesota properties, Havenpark said it raised rents $48 a month, a 12 to 18 percent increase. The company also said it invests heavily in its parks in Minnesota and elsewhere. Havenpark has said in the past that its acquisitions have actually saved parks from commercial and other developments that would have forced residents to move. In a filing with the state, the company said, "We paid higher than market because we are aggressively trying to enter the market and get a presence." The company also recently purchased a park in Hastings, Minn., for $17.2 million and another in Becker, Minn., for $2 million. Havenpark paid $9 million for the Waite Park property. The company created widespread discontent in Iowa after buying parks there and hiking some rents by nearly 70 percent. Residents say Havenpark contends that rents have been below industry standards. The new owner, Havenpark Capital Partners declined to be interviewed for this story. ![]() "They're coming in and being unreasonable because all they care about is, ‘What kind of profit am I going to make at the end?’" said Douglas Reek, one of the effort’s leaders. They're exploring whether state law gave them the right to buy the park when it went up for sale. The some 160 households in the park are forming a resident association, lining up legal help and preparing to fight back.
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