Property firm explores US$500m trailer-park portfolio sale
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CARLYLE Group Inc, a West Hollywood, California-based company with the same name as the alternative-asset manager, is exploring the sale of a portfolio of US mobile-home parks, according to people with knowledge of the matter.
The company, founded in 1975 by Ronald H Singer, has begun fielding interest from potential suitors, including property-focused private equity firms and real estate investment trusts, said the people, asking not to be identified because the talks are private. The portfolio includes more than 30 properties, primarily located on the US East Coast, and could fetch US$500 million, the people said.
A representative for Carlyle didn’t immediately respond to a request for comment.
Firms including Blackstone, TPG and Apollo Global Management have in recent years amassed holdings in manufactured-housing communities, also known as trailer or mobile-home parks, amid a broader bet on affordable housing in the US. Occupancy in such homes reached a record 95.4 per cent in 2021 and rents grew during the pandemic to an all-time high, sending valuations to a record as well, according to a report from Jones Lang LaSalle. BLOOMBERG
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