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Blackstone To Buy $550M Mhc Portfolio

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The asset manager is in talks acquire some 40 parks from Summit Communities, mostly in Florida. : Blackstone Group aims to grow its manufactured housing portfolio by acquiring about 40 parks for $550 million, in a major vote of confidence for one of the most resilient commercial property sectors. The New York-based firm, considered to be the world’s largest commercial landlord, is in exclusive talks to purchase the properties from Summit Communities, according to a Bloomberg account citing people familiar with the matter. Blackstone would acquire the assets through its longer-hold, income-oriented vehicle Blackstone Real Estate Income Trust (BREIT).

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