Crow Holdings, a Dallas-headquartered real estate investment and development firm, has acquired a privately owned 46-property, 9,838-pad, all-age manufactured housing portfolio.
The acquisition was made through Crow Holdings’ investment management company Crow Holdings Capital (CHC) and acquired on behalf of investors in Crow Holdings Realty Partners X L.P., which closed in February with $3.1 billion of commitments.
The portfolio’s properties are spread across Florida, Illinois, Indiana, Missouri, Montana and Ohio. CHC will invest more than $30 million over the next 12 months on renovations across the portfolio’s properties, including upgrades to playgrounds, clubhouses and other amenities.
“Given the high cost of homeownership driven by increasing home prices and mortgage rates, manufactured housing communities are extremely attractive options for residents,” said Bob McClain, CEO of Crow Holdings Capital. “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. 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.”
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