Monte Christo Communities has expanded its portfolio with the acquisition of Jennings Mobile Home Park, a manufactured housing community located in Merced County, California. 

Monte Christo has added another asset to its growing portfolio with the acquisition of Jennings MHP, a 98-unit, all-age mobile home park in Atwater, California, for $8 million.

CRI Brokerage represented both the buyer and seller in this off-market transaction, which closed at approximately $81,632 per unit. The community had been owned and operated by the seller for over 10 years.

the sale highlights continued investor demand for manufactured housing communities, particularly assets offering stable in-place cash flow and long-term value-add potential.

Jennings Mobile Home Park presents a strong investment profile with solid occupancy and opportunities to enhance performance through operational improvements and strategic rent growth.

Monte Christo Communities continues to actively acquire manufactured housing assets across the Western United States, targeting well-located communities with durable fundamentals and upside potential.

Market Overview: Strong Demand for Manufactured Housing

The acquisition of Jennings Mobile Home Park comes at a time when the manufactured housing sector continues to demonstrate strong fundamentals and sustained investor demand.

Driven by a nationwide affordability crisis, manufactured housing has emerged as one of the most resilient asset classes in real estate. With traditional home prices remaining elevated, manufactured homes offer a significantly more affordable alternative often costing substantially less than site-built housing fueling consistent demand across the U.S.

Operational performance across the sector remains robust. Recent industry data shows occupancy levels approaching 95%–98%, coupled with annual rent growth ranging from 5% to 7%, highlighting the stability and pricing power of mobile home communities.

From an investment perspective, capital continues to flow into the space. Cap rates for high-quality manufactured housing assets have compressed to approximately ~5.9% in 2025, reflecting strong competition for stabilized properties and long-term confidence in the sector. At the same time, broader market ranges for mobile home park investments can vary between ~7% to 10% depending on deal profile, location, and value-add potential.

Despite higher interest rates over the past two years, transaction activity has rebounded, with sales volume increasing and investor appetite returning as capital markets stabilize.

Why Deals Like this Matter

In today’s environment, transactions like Jennings Mobile Home Park are increasingly important.

With limited new supply particularly in markets like California where development is highly constrained existing communities continue to appreciate in value and attract institutional and’ private capital alike.

Mobile home parks offer a unique combination of:

• Stable, recurring cash flow

• Low turnover and strong resident retention

• Value-add potential through rent growth and operational efficiencies

As a result, both private investors and institutional groups are actively expanding their portfolios, seeking assets that provide durability through economic cycles and long-term upside.

Our Outlook

Looking ahead, the manufactured housing sector is expected to remain a top-performing asset class, supported by:

• Ongoing housing affordability challenges

• Limited new development

• Continued rent growth and occupancy stability

• Strong investor demand across primary and secondary markets

Transactions such as Jennings MHP reflect these broader trends and reinforce the sector’s position as a core real estate investment strategy.

Whether you're looking to:

• Acquire additional communities

• Improve performance through professional management or consulting

• Or maximize value through a strategic sale

Our team is actively working with buyers and sellers across the country.

Join our investor email list to receive exclusive deal flow and market insights.View current listings to explore available opportunities.

📬 Let’s Connect

Pierce Brazil 📞 209.444.6651 📧 [email protected] 🌐 www.cribrokerage.com