From left: Bob McClain, CEO of Crow Holdings Capital; Dustin Victorin, managing director of Crow Holdings Capital’s Manufactured Housing Group; and Christine Millington, managing director of Crow Holdings Capital’s Manufactured Housing and Self-Storage Group. [Photos: LinkedIn]
Crow Holdings, a Dallas-based national real estate investment and development company, recently announced the acquisition of a privately-owned portfolio of 46 properties and 9,838 units of all-generation manufactured homes across Ohio, Missouri, Illinois, Indiana, Montana and Florida.
Rising home prices and interest rates are making manufactured homes a “highly attractive option for residents,” Bob McClain, CEO of Crow Holdings Capital, said in a statement.
“Crowe Holdings’ extensive experience in this sector gives us the relationships and capabilities to build a market-leading, national prefabricated housing platform,” said McClain. “This investment strategy will enable us to increase the quality housing stock in the communities in which we operate and provide better homes for residents.”
The acquisition was made through Crow Holdings Capital, Crow Holdings’ investment management company, on behalf of investors in Crow Holdings Realty Partners X LP, which closed in February with $3.1 billion in commitments.
More than $30 million invested in improvements
CHC plans to inject significant capital into the project, investing more than $30 million within the first 12 months to upgrade park infrastructure such as playgrounds, clubhouses and other amenities, and improve the manufactured home community, the company said.
Crow Holdings Capital has more than five years of experience in the manufactured housing sector and is committed to not only investing in the asset class but also improving residents’ living environments with thoughtful value-add programs, the company said.
CHC has completed the ground-up construction of three manufactured home communities in North Texas, each featuring large Class A amenity centers, pools, playgrounds, bus stations, dog parks, basketball courts and pickleball courts, and will bring more than 1,000 new homes to that market.
“More than $30 million in capital investments are planned that will provide significant enhancements to the resident experience,” said Dustin Victorin, managing director of Crow Holdings Capital’s manufactured housing group. “These improvements will be tailored to the needs of the community, from safety improvements such as roads, lighting and fencing to amenity renovations and additions based on resident feedback.”
Add to Portfolio
CHC said the 46 property acquisitions build on its years of investment in the manufactured housing sector, which has seen it acquire more than 20,000 home sites across 114 communities in 16 states since 2018.
“The significant demand for affordable, quality housing, combined with a highly fragmented manufactured housing market, gives us the opportunity to add value to these properties and bring professional management to the community,” said Christine Millington, managing director of Crow Holdings Capital’s Manufactured Housing and Self-Storage group. “This portfolio is just one example of the attractive investments we are identifying in this underserved asset class where net new supply has been negative for the past decade. We will continue to build out our platform, delivering meaningful improvements for residents and increasing housing options in the places that need it most.”
With 20 offices across the United States, $31 billion in assets under management, one of the largest multifamily and industrial development platforms in the United States, investments in the energy sector including solar PV and battery storage projects, and a broad and diversified investment portfolio, Crow Holdings pursues attractive investment opportunities to capitalize on evolving long-term growth potential.
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