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Private Equity Stakeholder Project Testimony for the Hearing of the Senate Committee on Banking, Housing, and Urban Affairs: How Private Equity Landlords are Changing the Housing Market

From our testimony for the Senate Banking Committee hearing on “How Private Equity Landlords are Changing the Housing Market”:


Over the past 20 years, manufactured home communities increasingly have gone from “mom and pop” enterprises to ownership by private equity firms and large, multi-state corporations that seek to capitalize on manufactured-home owners’ unique situation.

In 2017, private equity firm Apollo Global Management, with $270 billion in overall assets, bought Inspire Communities, a manufactured home community operator with 13,000 home sites.[1]

In mid 2018, Blackstone Group, one of the largest private equity and real estate firms in the world with $457 billion in assets, bought a portfolio of manufactured home communities in Arizona and California.[2]

In 2020, the Carlyle Group expanded its presence in manufactured home communities with a $230 million purchase of four manufactured home communities in Arizona. [3]

The purchase of manufactured home portfolios rose significantly in 2020. In the one-year period between July 2020 and June 2021, investors purchased $2.6 billion worth of mobile homes communities through portfolio acquisitions.[4]

The outsized growth of private equity and institutional investment during this time period raises particular concern given the economic turmoil created by the COVID-19 pandemic. Research by the Urban Institute found that residents in manufactured home communities were more likely to be employed in the industries most affected by the pandemic.[5] Loopholes and gaps in pandemic relief legislation also have made residents of manufactured homes easier to evict.[6]

Read our full testimony here.

[1] Mergr. n.d. “Apollo Global Management Acquires Inspire Communities.” Accessed October, 2021.

[2] Wilcox, Don. 2020. “Blackstone makes $395M equity investment in Tricon.” Real Estate News Exchange, August 27, 2020.,chairman%20and%20CEO%20of%20BREIT%2C%20in%20the%20release.

[3] Burks, Steve. 2020. “Carlyle Group acquires 4 Mesa mobile home parks for $230M.” AZ Big Media, June 15, 2020.

[4] Crimmins, Haley. 2021. “Spotlight on Manufactured Housing Acquisitions, Pricing.” Real Capital Analytics.

[5] Choi, Jung Hyun, and Laurie Goodman. 2020. “22 Million Renters and Owners of Manufactured Homes Are Mostly Left Out of Pandemic Assistance.” The Urban Institute.

[6] Miranda, Leticia. 2021. “Mobile home dwellers hit even harder when facing eviction.” NBC News, February 14, 2021.

Consumer Financial Protection Bureau. 2021. “Manufactured Housing Finance: New Insights from the Home Mortgage Disclosure Act Data.” pg. 9.

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