Blackstone Group is in exclusive talks to acquire about 40 parks from Summit Communities for roughly $550 million through its REIT, Blackstone Real Estate Income Trust, sources have told Bloomberg.
Once acquired, BREIT will invest in upgrades, including building shared facilities such as swimming pools, a source told Bloomberg.
Manufactured homes have become a valued asset class in the commercial real estate sector, one of the few categories that have not been bowed by the pandemic. Indeed, in a recent report JLL predicted that institutional investment activity in the manufactured housing sector will increase as the sector's recessionary resilient performance outshines the majority of commercial real estate sectors.
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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.
