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Crow Holdings Announces Manufactured Housing Portfolio Acquisition

The 46-property portfolio comprises nearly 10,000 homesites across six U.S. states, building on an established platform that emphasizes the benefit to community residents

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

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. (“The Fund”), which closed in February 2024 with $3.1 billion of commitments. Within the first 12 months, CHC plans to invest more than $30 million to improve the manufactured housing communities with meaningful renovations of park infrastructure such as playgrounds, clubhouses, and other amenities through the commitment of significant capital.

“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.”

CHC brings 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. In addition, 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,” said 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.”

“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.”

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

About Crow Holdings

Crow Holdings is a leading real estate investment and development firm founded in 1948 and based in Dallas, Texas. With 20 offices across the U.S., Crow Holdings’ local, on-the-ground presence amplifies its hands-on capabilities across a broad range of investment strategies, product types, and ventures in partnership with institutional investors. Crow Holdings 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. For 75 years, Crow Holdings’ success has been rooted in its founding principles of partnership, collaboration, and alignment of interests. For more information, please visit: