Crow Holdings, a Dallas-based national real estate investment and development firm, recently announced acquired the acquisition of a privately owned 46-property, 9,838-pad, all-age manufactured housing portfolio across Ohio, Missouri, Illinois, Indiana, Montana, and Florida.

Due to rising home prices and interest rates, manufactured homes are becoming “extremely attractive options for residents,” Bob McClain, CEO of Crow Holdings Capital, said in a statement.

“Crow Holdings’ depth of experience in the sector has provided us with the relationships and capabilities to build a market-leading, nationwide manufactured housing platform,” McClain said. “This investment strategy allows us to add to the quality housing stock of the communities where we operate and to provide residents a better place to call home.”

The acquisition was made via Crow Holdings’ investment management company, Crow Holdings Capital, and acquired on behalf of investors in Crow Holdings Realty Partners X LP, which closed in February with $3.1 billion of commitments. 

Investing over $30 million in improvements

The firm said that within the first 12 months, CHC plans to invest more than $30 million to improve the manufactured housing communities with renovations of park infrastructure such as playgrounds, clubhouses, and other amenities through the commitment of significant capital.

Crow Holdings Capital has more than half a decade of experience in the manufactured housing sector — not only investing in the asset class but also improving the residents’ living environment with thoughtful value-add programs, the company said.

CHC is completing three ground-up developments of manufactured housing communities in North Texas that will bring more than 1,000 new homes to that market, each with large, Class A amenity centers, pool, playground, bus stops, dog parks, and basketball and pickleball courts.

“The planned investment of over $30 million in capital improvements should provide a meaningful uplift in resident experience,” Dustin Viktorin, managing director in the manufactured housing group of Crow Holdings Capital. “These improvements are tailored to the needs of the communities, from improved safety — roads, lighting, fencing — to amenity renovations and additions based on resident feedback.”

Adding to the portfolio

CHC said the 46-property acquisition builds on its longstanding investment in the manufactured housing space, with over 20,000 homesites across 114 communities and 16 states since 2018.

“The large demand for quality housing at attainable price points, coupled with the highly fragmented manufactured housing market, gives us the opportunity to add value to these properties and bring professional management to the communities,” said Kristin Millington, managing director in the Manufactured Housing and Self-Storage groups of Crow Holdings Capital. “This portfolio is just one example of the attractive investments we’re identifying across this underserved asset class, which has seen negative net new supply in the past decade. As we continue to build our platform, we will provide meaningful improvements for residents and create more housing options in the places that need them most.”

Crow Holdings has 20 offices across the U.S. It has $31 billion in assets under management, one of the largest multifamily and industrial development platforms in the nation, investments across the energy sector including solar and battery storage projects, and a broad, diversified investment portfolio, pursuing compelling investment opportunities to capitalize on evolving, secular growth potential.

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