Crow Holdings Fund Buys 46-Property MHC Portfolio

A Crow Holdings Capital fund has purchased a manufactured housing portfolio made up of 46 properties spread across Ohio, Missouri, Illinois, Indiana, Montana and Florida. Crow Holdings Realty Partners X is a $3.1 billion fund that closed last month.

The portfolio encompasses a total of 9,838 homesites spread across all-age mobile home communities. CHC plans to spend more than $30 million during the next 12 months to improve the assets, with renovations including upgrades to playgrounds, clubhouses, roads, lighting, fencing, as well as other amenities.

Additionally, CMC is developing three ground-up manufactured home project in North Texas. The parks are set to add more than 1,000 new mobile homes to the area, with the upcoming communities set to include Class A amenity centers with swimming pools, bus stops, playgrounds, dog parks, basketball and pickleball courts.

In the current economic context—with high costs of ownership and mortgage rates—manufactured home communities are becoming an increasingly popular living option, according to a prepared statement from Bob McClain, the CEO of CMC. Until now, Crow Holdings has invested in more than 20,000 homesites spread across 114 mobile home communities in 16 states.

Consolidations in the MHC space

In late 2023, two other large mobile home portfolios changed hands. JLL Capital Markets arranged the sale of a 40-property portfolio spread across six states and encompassing more than 10,000 pads. The portfolio traded for more than $300 million. Meanwhile, Berkadia arranged the sale of The Moore Portfolio, which encompasses 10,000 homesites within 46 communities, most of them in Ohio. The portfolio was one of the last privately owned mobile home portfolios of this scale, with the average community including more than 200 homesites.