Crow Holdings Acquires 46-Property Manufactured Housing Portfolio

Crow Holdings is doubling down on its commitment to the manufactured housing sector with a 46-property portfolio acquisition spanning six states.

The Dallas-based investment and development firm purchased the portfolio through its Crow Holdings Capital platform using a $3.1B fund that closed in February. The company will spend 12 months putting $30M worth of improvements into the parks, according to a news release.

“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,”  Kristin Millington, managing director in the manufactured housing and self-storage groups of Crow Holdings Capital, said in a statement.

Crow Holdings is among a growing number of investors responding to the urgent need for housing affordability in the U.S. The Lincoln Institute estimates that one-fifth of manufactured housing communities, or about 800,000 homes, were purchased by investors between 2015 and 2023. 

The news of Crow's acquisition comes just weeks after the Biden-Harris Administration announced it would boost the supply and affordability of manufactured homes through several new funding initiatives. The product is a key component of the administration's goal to lower housing costs by unlocking inventory.

"Manufactured housing offers a proven solution to America's affordable housing supply crisis," U.S. Department of Housing and Urban Development Secretary Marcia Fudge said in a statement about the initiatives. "Today's actions bring us one step closer to a future where everyone has access to housing that meets their needs."

Crow Holdings' purchase adds another 9,838 pads to its portfolio, which includes more than 20,000 sites across 114 communities. The company has also developed three ground-up projects in Texas, bringing more than 1,000 new homes to the market. 

“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,” Millington said in a statement. “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.”