For the large contingent of retirees in Florida, manufactured homes have often been one of the few remaining choices of affordable living options. But now, even affordable trailer parks are fading fast as Florida housing costs rise.
In recent years, Florida has witnessed a substantial rise in private equity investments targeting mobile home parks, also referred to as manufactured housing communities (MHCs). Large private equity firms, hedge funds, and multi-state corporations have increasingly acquired these communities throughout the state, driving up costs for many Floridians who live in these parks.
Institutional investors now account for roughly 23% of all manufactured home community purchases nationwide. Although private equity involvement began nearly twenty years ago, the pace of acquisitions has sharply increased recently, frequently displacing traditional local owners. The result? Large firms are increasing their holdings while smaller, more traditional buyers are being squeezed out of the real estate market.
The companies involved are well-known to investors: The Blackstone Group acquired a portfolio of over 50 parks, encompassing more than 10,000 home sites, through its Treehouse Communities platform. Similarly, Apollo Global Management purchased Inspire Communities, which now operates over 100 parks with nearly 24,000 home sites nationally.
In terms of these investments, Florida leads the way – and that’s not necessarily a good thing. According to a recent survey, the three states with the most private equity-owned manufactured home parks are:
| State | Number of Parks | Number of Lots |
|---|---|---|
| Florida | 235 | 55,977 |
| Texas | 143 | 30,236 |
| Michigan | 131 | 36,749 |
Florida has a significant number of manufactured home communities (MHCs) and lots. According to the Florida Department of Health, the state includes approximately 5,400 mobile home parks, lodging and recreational vehicle parks, and recreational camps. A 2024 report indicates that Florida leads the nation with about 822,000 manufactured homes, representing roughly 10% of the U.S. total. Private equity (PE) firms own 235 manufactured home parks in Florida, encompassing 55,977 lots. That’s almost 7% of all the lots in Florida.
The Rent’s Going Up!
PE firms often implement significant rent and fee increases upon acquiring MHCs. Residents, who own their homes but lease the land, face limited options when lot rents rise, as relocating mobile homes is often prohibitively expensive — usually about $10,000 for a move.
In Florida’s Tampa Bay area, corporations affiliated with Alden Global Capital have acquired approximately 40 mobile home parks, raising concerns about potential rent hikes and affordability. That is in addition to the overall condition of the parks the company owns in greater Tampa Bay. According to a recent report by the Tampa Bay Times, Alden-owned MHCs often saw 40% lot rental increases after the firm took ownership of the community. At the same time, the company failed to address residents’ concerns about termites, rats, raw sewage, and other health and safety concerns.
Reports from the Florida Phoenix state that PE-owned MHCs have higher eviction rates than many other types of Florida housing. PE-owned MHCs in Florida were among the highest filers of eviction notices in Alachua, Duval, and Pinellas counties. Grass roots groups such as More Perfect Union are working to educate the public on the private equity issue as they see it –
On the plus side of all this, the acquisition of MHCs by PE firms can introduce professional management practices and operational efficiencies to communities. This may result in more responsive maintenance services, streamlined rent collection processes, and the implementation of standardized community rules.
Additionally, PE firms often have access to substantial financial resources, enabling them to invest in infrastructure upgrades and amenity enhancements within MHCs if they are inclined to improve a property they have purchased. There are no statistics available on the number or percentage of PE firms that make significant improvements to MHCs across the state. However, if one examines the breadth and scope of complaints by renters across the Sunshine State, this appears to be the exception rather than the rule.
Who’s Doing The Buying?
Data compiled by Private Equity Stakeholder Project (PESP), a nonprofit watchdog organization focused on the growing private equity and broader private funds industry showed the following:
| PE Firm | Sum of # Units |
|---|---|
| Alden Global Capital | 3,072 |
| Apollo Global Management | 3,511 |
| Brookfield Asset Management | 6,228 |
| Calzada Capital Partners | 9,248 |
| Crow Holdings Capital – Real Estate | 1,139 |
| Havenpark Capital Partners | 287 |
| Montgomery Street Partners | 8,859 |
| RHP Properties | 5,651 |
| Riverstone Capital Partners | 4,021 |
| Stockbridge Capital Group | 4,278 |
| The Blackstone Group | 5,654 |
| The Carlyle Group | 4,029 |
| Grand Total | 55,977 |
The Florida Legislature Is Responding
Several bills are introduced each year to address the rising cost of housing in Florida. Currently, House Bill 1471 and Senate Bill 1592, collectively known as the “Keep Floridians Housed Act,” introduce several provisions that directly impact residents of mobile home communities in Florida, but only one of the two addresses corporate ownership of housing:
House Bill 1471 (2025), known as the “Keep Floridians Housed Act,” includes provisions aimed at limiting corporate ownership of single-family homes. Specifically, the bill prohibits corporations and investment firms from purchasing single-family homes for the purpose of converting them into rental properties. This measure is intended to preserve homeownership opportunities for individual buyers and prevent the reduction of available housing stock caused by large-scale corporate acquisitions.
Senate Bill 1592 (2025), while sharing many objectives with HB 1471, does not contain explicit language restricting corporate purchases of single-family homes. Its focus is more on establishing the Department of Housing and Tenant Rights and enhancing tenant protections.
Governor Ron DeSantis has not taken a position on either bill or its provisions as they work their way through legislative committees but is likely to do so prior to any vote on the bills. Meanwhile, the citizens of Florida watch and wait.
