Leasing Lifestyle: Blackstone Group LP has made its first bet on manufactured housing by buying a portfolio of communities sold by Tricon Capital Group Inc., according to people with knowledge of the matter.
Tricon said this month it completed the sale of 14 manufactured housing communities for about $172 million to an institutional asset manager, without identifying the purchaser. A Blackstone representative declined to comment and a Tricon representative didn’t respond to requests for comment.
Manufactured housing communities are comprised of prefabricated homes often located near common facilities such as pools and recreation halls. This area of real estate is in favor with investors, in part because of the rising costs of homebuilding. The average price of a new manufactured home in the U.S. was $73,400, according to U.S. Census Bureau data that was last updated in February.
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