Updated research shows over 25% of manufactured homes in Michigan owned by private equity, similar entities

The Private Equity Stakeholder Project (PESP) and Manufactured Housing Action (MHAction) have released an update to the Private Equity Manufactured Housing Tracker, a groundbreaking tool monitoring private equity and hedge fund ownership of manufactured housing communities in the U.S. 

Manufactured housing is a vital source of affordable housing for the over 21 million Americans who live in them, many of whom are on fixed incomes. Since the early 2000s, institutional investors such as private equity firms have increased their presence in the manufactured housing market. In 2020 and 2021, they accounted for 23% of all manufactured home purchases, up from 13% between 2017 and 2019. 

As a result of the unique business model, manufactured home residents are uniquely vulnerable to exploitation: when park owners hike lot rents, add fees, neglect maintenance, or cut staff, homeowners often have no choice but to endure it. Across the country, residents at corporate-owned communities have reported rent increases of as much as 100% after private equity-owned landlords took over their parks as well as egregious maintenance issues. In multiple corporate-owned manufactured housing communities, residents endure frequent water shutoffs and in at least one case, have had to pay for undrinkable water. 

The update to the Private Equity Manufactured Housing Tracker added eight additional private equity firms and hedge fund owners of manufactured housing communities, including Silver Creek Capital’s Cambio Communities, which owns 10,637 lots concentrated in Michigan. Other key findings of the tracker include: 

• Twenty-three private equity firms own over 1,800 manufactured housing parks in the U.S. with over 377,000 lots.
• Michigan has a disproportionate share of private equity-owned manufactured housing: private equity firms own more than 25% of manufactured homes in Michigan.
• Several large public employee pension funds and sovereign wealth funds have poured money into manufactured home park investments, including the California State Teachers Retirement System (CalSTRS), the sovereign wealth fund for the Government of Singapore (GIC), and the Washington State Investment Board (WSIB).

The updated research also highlights the case of Kristana Estates, a Dewitt, Michigan manufactured housing community owned by private equity firm TIR Equities. In March, residents of Kristana were notified by TIR Equities that the park would be closing, and they had three days to move out. The park’s water was then shut off, although some residents remained. In late June, a Clinton County Judge ordered water service be provided to residents. 

According to reporting by MLive, the park has been referred to local prosecutors and the Michigan Attorney General for operating without a license. Another Michigan manufactured housing community owned by Alden Global Capital’s Homes of America was recently criminally convicted for operating a manufactured housing community without a license. According to 2024 licensing data from the Michigan Department of Licensing and Regulatory Affairs (LARA), there are 174,459 manufactured home sites in the state. PESP has identified that 50,626 of these sites (29%) are owned by private equity companies. An analysis by MHAction of the data from LARA found that over half of manufactured housing communities in Michigan are owned by out-of-state or corporate owners, and those owners control over 70% of home sites.

“Private equity firms are out there to line their pockets and destroy affordable housing,” said Jason Elridge, a resident representative at MHAction and resident of Kristana Estates. “People need to have a community that can prosper and a place where they can feel secure. I don’t think private equity can provide that.”