Private Equity’s Ruthless Takeover Of The Last Affordable Housing In America
Mobile homes are one of the last remaining affordable housing options in America.
Now they’ve become private equity’s latest target.
Private equity firms now own at least 1200 parks nationwide. And residents have seen their rents spike by as much as 100% in the last 6 years.
Reports suggest that private equity firms now own at least 1,200 mobile home parks nationwide.
This figure is reported by the Private Equity Stakeholder Project (PESP), a nonprofit watchdog group that tracks the impact of private equity investors.
PESP's research indicates that 23 private equity firms own over 1,800 manufactured housing parks in the U.S., encompassing over 377,000 lots.
Impact of Private Equity Ownership
Increased rents and fees: Residents of mobile home parks acquired by private equity firms have experienced substantial rent hikes, with increases of up to 100% reported within six years.
Deteriorating living conditions:
Some residents have reported egregious maintenance issues and frequent water shutoffs after private equity firms took ownership.
Limited options for residents:
Because mobile homes are not truly mobile, residents often face limited options when rents increase, leaving them vulnerable to the demands of new owners.
Factors Contributing to the Trend
Historically affordable housing: Mobile home parks have traditionally been one of the last remaining affordable housing options in America.
Attractive investment returns:
Private equity firms are drawn to the high returns possible in this sector, according to The Guardian.
Government-backed loans:
Fannie Mae and Freddie Mac, government-sponsored enterprises, have financed a significant portion of private equity purchases of manufactured home parks.
Concerns and solutions
Erosion of affordable housing: Critics argue that private equity firms' practices are undermining the affordability of manufactured housing, potentially displacing low-income families and seniors.
Need for regulation:
There is a growing call for stronger tenant protections and increased transparency regarding the ownership and financing of mobile home parks.
It is important to note that some sources suggest that private equity investment,
when focused on improvements and long-term stability, can actually contribute to the preservation and enhancement of mobile home parks as a valuable form of affordable housing.
However, the current trend of acquisitions and rent increases has raised concerns about the potential negative impact on residents and the future of affordable housing.
Homes of America - Enhancing Affordable Housing in the ...
Employee Reviews about Management - Homes Of America
Scheming business practices and people. Shady mobile homes and poor service and management.
Will not do what's best for clients only themselves.
July 3, 2025
Disorganized, poor management
Anonymous
Disorganized, poor management from the top to the bottom. Maybe next time they will listen to people and stop ignoring who is in the field. One good thing is they can only get better.
April 9, 2025
Slum lords
Community Manager
Scheming business practices and people.
Shady mobile homes and poor service and management.
Will not do what’s best for clients only themselves. Would rather keep their business up and running and profit in their pockets than take care of customers needs.
February 28, 2025
Disgraceful
Property Manager
Riverview, FLDisgraceful
Property Manager
Riverview, FL
recently had the unfortunate experience of working at Homes of America LLC main office located in Riverview and I can honestly say it was one of the most frustrating and disheartening jobs I’ve ever had.
The leadership is incredibly poor and lacks vision or direction, making it impossible to feel motivated or supported in any capacity.
There is little to no communication from upper management, and when they do speak, it’s often vague and inconsistent.
The company’s policies change constantly, leaving employees confused and uncertain about what is expected of them.
This lack of consistency not only creates unnecessary stress but also makes it difficult to plan for the future or feel like you’re contributing to a meaningful cause.
On top of that, the workload is overwhelming, with little recognition for the extra hours put in.
Despite being overworked, the compensation is extremely underwhelming for the level of effort required.
I often felt like I was giving far more than what I was getting in return, both in terms of time and pay.
The overall work-life balance is non-existent, and it’s clear that employees are expected to sacrifice their well-being for the sake of the company’s bottom line.
In short, I would not recommend working here. If you value your time, mental health, and fair compensation, I suggest looking elsewhere.
January 26, 2025
Don't do it there are so many better jobs out there
Maintenance Technician
Albion, IN
June 7, 2024
I hate that place pure evil.
Assistant Property Manager/Leasing Consultant
Wichita, KS
January 29, 2024
Works you like a dog with little pay
Manager
6786 mangrove dr Merritt island fl 32953
Cons
July 7, 2023
A fine example of how a company should not operate.
Manager
Saint Charles, MO
May 13, 2023
Run!! Don't Walk Away!! Seriously...
https://www.indeed.com/cmp/Homes-of-America/reviews?ftopic=mgmt
New report delves into impact of Alden Global Capital’s investments in manufactured housing communities
Residents in Alden-owned Homes of America communities report substantial increases in lot rent, neglected manufactured housing parks
A hedge fund bought Michigan mobile home parks. Things ...
An investment firm linked to Alden Capital bought at least 17 Michigan mobile home parks since 2021, according to analysis by advocacy group ...
MLG Capital Real Estate
Multiple private equity firms own a significant portion of mobile home parks in Lansing, Michigan, though it's difficult to pinpoint an exact number like 12 owning a "majority." Instead, the available information highlights a strong presence of private equity ownership in the state, with Michigan having the second highest number of private equity-owned manufactured housing parks in the U.S..
Specifically:
Michigan has a disproportionately high share of private equity-owned manufactured housing: Private equity firms own more than 25% of manufactured homes in Michigan, according to the Private Equity Stakeholder Project PESP.
Significant holdings by specific firms:
Monarch Investment owns 42 properties and 9,665 units in Michigan.
Communities, founded by private equity firm Stockbridge Capital Partners, is a large owner in Michigan, with roughly a quarter of its lots in the state. owns 64 parks with about 20,900 total lots in Michigan.
Havenpark Communities owns 15 parks in Michigan with about 5,300 total lots, representing 28% of their US holdings.
Homes of America, affiliated with Alden Global Capital, owns 13 parks in Michigan.
Cambio Communities, linked to Silver Creek Capital, owns 10,637 lots concentrated in Michigan.
Vulture Wars: Alden Global Capital's Assault on ...
After gutting local newspapers, hedge fund Alden Global is going after mobile home parks
Michigan among highest rates of private equity-owned ...
PE Firms Database 2024
As Private Equity Squeezes Mobile Home Parks for Profit ...
PESP Private Equity Manufactured Housing Tracker
https://pestakeholder.org/pesp-private-equity-manufactured-housing-tracker/
Key Points
Over the past 20 years, manufactured home communities increasingly have gone from “mom and pop”
enterprises to ownership by private equity firms, hedge funds, and large, multi-state corporations that seek to capitalize on manufactured-home owners’ unique situation.
In 2020 and 2021, institutional investors accounted for 23% of all manufactured home purchases, up from 13% between 2017-2019. [1]
Twenty-three private equity firms own over 1,800 manufactured housing parks in the U.S. with over 377,000 lots.
Three of the four largest private equity firms in the U.S. [2]
own manufactured housing portfolios: Apollo Global Management (Inspire Communities),
Blackstone (Treehouse Communities), and The Carlyle Group.
Private Equity Firm/ Hedge Fund Manufactured Home Company # Parks # Home Sites
Stockbridge Capital Partners YES! Communities 266 74,761
RHP Properties RHP Properties 242 50,158
Brookfield Asset Management RHP Properties/ Brookfield 129 30,361
Calzada Capital Hometown America 77 26,797
Federal Capital Partners Horizon Land Management 169 24,344
Apollo Global Management Inspire Communities 115 23,590
Havenpark Capital Partners Havenpark Communities 63 18,512
Legacy Communities Legacy Communities 76 16,466
The Blackstone Group Treehouse Communities 71 13,123
Alden Global Capital Homes of America 141 11,204
Cambio Communities Silver Creek Capital 44 10,637
Riverstone Capital Partners Riverstone Communities 54 10,038
Kingsley Management Kingsley Management 30 9,257
Crow Holdings Capital Crow Holdings 44 9,151
Montgomery Street Partners Cove Communities 16 9,015
MHP Funds Impact Communities 116 8,966
The Carlyle Group The Carlyle Group 22 7,530
Green Courte Partners Windward Communities 20 7,004
Open Door Capital Open Management 37 5,844
MHC Capital MHC Capital 26 4,109
Keel Team Knights Communities 47 2,843
Sunrise Capital Investors Sunrise Communities 17 2,655
TIR Equities TIR Equities 6 776
TOTAL 1,828 377,141
The three states with the most private equity-owned manufactured home parks are:
Florida – 269 parks (64,354 home sites)
Michigan – 192 parks (50,626 home sites)
Texas – 148 parks (31,265 home sites)
Michigan has a disproportionate share of private equity-owned manufactured housing:
private equity firms own more than one in every four manufactured homes in Michigan. [3]
Private equity firms have been aided in their acquisitions of manufactured home parks by the U.S. Government sponsored lenders Fannie Mae and Freddie Mac.
[4] Almost half (49%) of the private equity-owned parks identified for this tracker were financed by Fannie Mae or Freddie Mac.
In contrast, Fannie Mae or Freddie Mac financed just 9% of all the manufactured home parks in the U.S. [5]
Private-Equity-GIants-Converge-on-Manufactured-Homes- ...
Case study: Private equity's buy-up of Michigan housing
https://pestakeholder.org/news/case-study-private-equitys-buy-up-of-michigan-housing/
Updated research shows over 25% of manufactured ...
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