Blackstone's headquarters in Midtown ManhattanNEW YORK CITY–Blackstone Group has entered the manufactured housing sector, according to a report in Bloomberg.
The private equity giant is, according to the publication, the buyer of a 14-park manufactured housing portfolio that Tricon Capital Group announced it had sold earlier this month for $172 million. It identified the buyer as an institutional asset manager but according to unnamed sources speaking to Bloomberg, Blackstone is the purchaser.
Tricon is netting $84 million from the sale.
Can Manufactured Housing Support Blackstone?
If this acquisition is a sign of further deals to come from Blackstone it should prove to be interesting times for this asset class. There have been very few institutional investments in manufactured housing despite its strong fundamentals because the category is so fractured among the owners and few portfolio deals come to market.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
