QuadReal Snaps Up Manufactured Housing for $240M
The homes in Colorado total more than 1,000 pads.
Canadian investor QuadReal Property Group has acquired two manufactured housing communities in Colorado, totaling more than 1,100 pads, for $240 million. The acquisition marks yet another sizable foray into U.S. manufactured housing for the company.
The deal comes not long after QuadReal’s 2024 acquisition of an eight-asset U.S. manufactured housing portfolio, for which the company paid $330 million. Before the most recent deal, QuadReal had a U.S. manufactured housing portfolio of over 3,500 pads.
“Our recent manufactured housing acquisitions in the U.S. are a natural extension of our Canadian portfolio, which totals over 13,100 pads,” Daniel Gliksman, managing director, Americas-East at QuadReal, told Multi-Housing News. “We continue to have strong conviction in the Canadian manufactured housing market, which benefits from the same fundamentals identified in the U.S.”
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In Canada, QuadReal is the largest owner and operator of manufactured housing communities in the country via Parkbridge, which offers such housing nationally. As the company expands in the United States, it is targeting specific locations in and around urban centers in high-growth markets, according to Gliksman.
“With unmet global demand for affordable housing, we’re confident the U.S. manufactured housing market and the well-managed and maintained communities we have acquired will provide an attainable housing option for residents,” Gliksman says.
The company has other residential properties as well, with its global residential portfolio consisting of over 124,000 units, with over 32,700 of those in the United States. In the next five years, QuadReal says it will deliver an additional 24,000 units globally.
Manufactured housing production up
Production of U.S. manufactured housing according to HUD Code totaled 103,314 units in 2024, a 15.8 percent increase over the 89,169 HUD Code units produced during 2023, according to agency data.
Texas remains the top state for manufactured housing, according to HUD, with 18,343 units coming online in 2024, up from 15,073 in 2023. Other states in which manufactured housing is popular include Florida, North Carolina, Alabama and South Carolina.
