Key Takeaways
- • The PESP and Manufactured Housing Action Private Equity Manufactured Housing Tracker, updated January 2026, identifies 23 private equity firms owning 1,934 manufactured housing parks with 397,071 home sites in the U.S.
- • Institutional investors accounted for 23% of all manufactured home purchases in 2020 and 2021, up from 13% in 2017-2019, according to the tracker.
- • Florida (297 parks), Michigan (199 parks) and Texas (154 parks) hold the most private equity-owned manufactured home parks, with private equity owning more than one in four manufactured homes in Michigan.
- • Fannie Mae and Freddie Mac financed 47% of the private equity-owned parks identified in the tracker, versus 9% of all U.S. manufactured home parks.
- • The tracker highlights a business model in which buyers raise site rents to lift cash flow and property value, then sell within a few years, a practice the report says leaves residents with limited recourse.
Summary
PESP (Private Equity Stakeholder Project) and Manufactured Housing Action have released an updated Private Equity Manufactured Housing Tracker, a current list of private equity-owned manufactured home parks in the United States, last updated in January 2026. The tracker identifies 23 private equity firms, hedge funds and corporate owners controlling 1,934 parks and 397,071 home sites. Leading owners by park count include Stockbridge Capital Partners (YES! Communities, 265 parks), RHP Properties (273 parks), and Calzada Capital (Hometown America, 77 parks). Apollo Global Management (Inspire Communities), Blackstone (Treehouse Communities) and The Carlyle Group are among the large private equity owners cited, with Apollo's Inspire Communities operating over 100 parks and almost 24,000 home sites.
According to the report, institutional investors accounted for 23% of all manufactured home purchases in 2020 and 2021, up from 13% between 2017 and 2019. The tracker identifies Florida, Michigan and Texas as the states with the most private equity-owned parks, and says private equity firms own more than one in every four manufactured homes in Michigan.
The report also cites government-sponsored lending as a factor in acquisitions. Almost half (47%) of the private equity-owned parks identified were financed by Fannie Mae or Freddie Mac, compared with 9% of all U.S. manufactured home parks.
The report describes a model in which buyers acquire a park, raise rents to increase cash flow and property value, and often sell within a few years. As an example, it cites the Carlyle Group's 2015 purchase of the 800-home Plaza Del Rey park in Sunnyvale, California for $150 million, and its 2019 sale for $237 million. The report argues that limited resident mobility, high moving costs and home-sale restrictions leave residents with little leverage against rent increases. PESP and Manufactured Housing Action characterize manufactured housing as a vital source of unsubsidized affordable housing, with the average home priced at $127,250 as of 2022, and they express concern about the scale of private equity ownership in the sector.
According to the report, institutional investors accounted for 23% of all manufactured home purchases in 2020 and 2021, up from 13% between 2017 and 2019. The tracker identifies Florida, Michigan and Texas as the states with the most private equity-owned parks, and says private equity firms own more than one in every four manufactured homes in Michigan.
The report also cites government-sponsored lending as a factor in acquisitions. Almost half (47%) of the private equity-owned parks identified were financed by Fannie Mae or Freddie Mac, compared with 9% of all U.S. manufactured home parks.
The report describes a model in which buyers acquire a park, raise rents to increase cash flow and property value, and often sell within a few years. As an example, it cites the Carlyle Group's 2015 purchase of the 800-home Plaza Del Rey park in Sunnyvale, California for $150 million, and its 2019 sale for $237 million. The report argues that limited resident mobility, high moving costs and home-sale restrictions leave residents with little leverage against rent increases. PESP and Manufactured Housing Action characterize manufactured housing as a vital source of unsubsidized affordable housing, with the average home priced at $127,250 as of 2022, and they express concern about the scale of private equity ownership in the sector.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.