A billion-dollar empire made of mobile homes
Great article by the Washington Post discussing the potential owning mobile home parks can have on wealth creation.
SMYRNA, Tenn. — It’s not fancy. But in the exurbs of Nashville stands part of a billion-dollar real estate empire.
The Florence Commons community consists of about 300 mobile homes of varying vintages, mostly single-wide, many valued at less than $30,000 apiece, set 20 feet apart from one another. The occupants of some will tell you: The floors buckle. The ceilings crack. The doors don’t shut right. Their homes are sinking.
“Okay — it’s a trailer park, not a fancy gated community,” said Jessica Boudreaux, 33, who lives there with her two daughters. “If people could, they’d live somewhere else.” Yet Florence Commons, along with more than 200 other mobile-home parks around the United States, has produced hefty returns for Stockbridge Capital, a $13 billion private-equity firm, and its major investors.
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