Crow Holdings scoops 10K manufactured home sites in six states

Crow Holdings is strengthening its foothold in an increasingly popular asset class: manufactured homes. 

The firm’s investment management company Crow Holdings Capital purchased 46 properties containing 10,000 homesites throughout Ohio, Missouri, Illinois, Indiana, Montana and Florida, according to a news release. The acquisition is on behalf of investors in Crow Holdings Realty Partners X LP, a value-add fund that closed in February with more than $3 billion. 

The portfolio is “just one example of the attractive investments we’re identifying across this underserved asset class,” said Crow’s Kristin Millington. 

Crow, whose chairman is billionaire Harlan Crow, intends to invest $30 million to upgrade the properties in the first year of ownership. Upgrades will include park infrastructure changes like updates to roads and lighting as well as improved amenities like playgrounds and clubhouses.  

“This investment builds on and is reflective of a broader 50 year company wide focus on creating and improving attainable housing solutions for people throughout the country,” Crow CEO Michael Levy said.

Since the cost of homeownership spiked in the last few years, homebuyers have turned to manufactured homes or prefabricated permanent residences that are built in factories and installed on site. In 2022, manufactured homes made up 11 percent of single-family home starts, according to the Manufactured Housing Institute. 

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Their increased use has also made them a hit with investors. In 2021, institutional investors made up 23 percent of volume in the prior two years. That’s up from 13 percent between 2017 and 2019, according to data from Real Capital Analytics.   

This acquisition builds on the firm’s existing investment in manufactured homes; since 2018, Crow has assembled a portfolio of 20,000 homesites across 16 states. Crow Holdings Capital is also developing three manufactured housing communities in North Texas. The developments will provide a total of 1,000 new homes. 

Crow Holdings was formed by Trammell Crow in 1948. The firm focuses on residential and capital investments. Crow also formed Trammell Crow Company, which is now owned by CBRE. CEO Michael Levy joined Crow Holdings in 2017.