Blackstone REIT (BREIT), managed by Blackstone Group has plans to acquire a manufactured housing portfolio for $550 million, according to Bloomberg, sourcing people familiar with the deal.
The seller is Summit Communities.
The majority of the parks are located in Florida.
BREIT has plans to upgrade the properties, including shared facilities such as swimming pools.
Blackstone made its first manufactured-housing bet in 2018, acquiring 14 communities sold by Tricon Capital Group.