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Blackstone to Boost Mobile-Home Bet With $550 Million Deal

  • Investors have turned to the properties during pandemic
  • Other types of commercial real estate have been hit hard
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Blackstone Group Inc. is pouring more cash into mobile-home parks, a corner of the commercial real estate market that is holding up in the pandemic.

The alternative asset manager is in exclusive talks to acquire roughly 40 parks from Summit Communities for about $550 million, according to people with knowledge of the matter. The majority of the properties are located in Florida, said some of the people, who requested anonymity because the transaction isn’t public.