Brookfield Asset Management is in advanced talks to acquire Yes! Communities, one of the largest operators of manufactured housing in the United States, from Singapore’s sovereign wealth fund GIC. The potential transaction is valued at more than $10 billion (≈ €9.3 billion). If completed, it would be among the most significant US property deals of the decade and highlight the growing role of global investors in affordable housing.
A Nationwide Affordable Housing Network
Yes! Communities, founded in Denver, manages more than 54,500 home sites across 213 communities in 18 states, according to Reuters. Some industry publications describe a footprint approaching 300 communities, depending on counting methods, but all confirm that the company is one of the largest players in the sector. Its strongest presence is in the Midwest and Southeast, where manufactured housing provides a crucial alternative to high-cost apartments or single-family homes. For middle-income households, retirees, and workers, these communities remain a key solution to rising housing costs.
Manufactured housing has become an essential part of the American rental landscape. Public data and market reports suggest that typical housing costs in such communities often fall around $900–$1,300 per month (€835–€1,205), though this varies widely by state, services, and whether the home itself is rented or owned. Compared with conventional apartments — which in many metro areas have doubled in cost over the past decade — manufactured housing remains a more affordable option, especially in growth markets such as Texas, Florida, and the Carolinas.
Why Manufactured Housing Attracts Investors
The manufactured housing sector has become increasingly attractive to institutional investors. Restrictive zoning and local opposition limit the development of new communities, giving established operators such as Yes! a strong competitive position. High and stable occupancy levels, combined with predictable rent flows, make manufactured housing a defensive, income-generating asset class. This performance compares favourably with offices and retail, which continue to face structural challenges.
Across the US, industry data indicate that occupancy rates typically range between 90% and 95%, showing a consistently high level of demand. Investors also value the long-term stability of tenants, who often own their manufactured homes but lease the land, creating steady revenue streams. This unique structure explains why the sector has been more resilient to economic downturns than many other real estate categories.
Comparing Investment Yields by Asset Class
| Asset Class | Typical Yield (US, 2024–2025) | Occupancy Trend | Key Risks |
|---|---|---|---|
| Manufactured Housing | 4.5–6.0% | ~90–95% | Rent regulation, tenant activism |
| Multifamily Apartments | 4.0–5.0% | ~95% | High development costs, oversupply |
| Office Buildings | 6.5–8.0% (prime up to 9%) | 80–85% | Structural demand decline, WFH |
| Retail Centers | 6.0–7.5% | 90–92% | E-commerce competition, tenant risk |
| Logistics/Warehouses | 4.5–5.5% | 94–96% | Supply chain cycles, new supply |
The comparison highlights why manufactured housing is drawing global capital. Yields are competitive, vacancy is low relative to other sectors, and cash flows are stable, while offices face structural decline and retail faces long-term disruption.
GIC’s Strategic Exit
GIC acquired Yes! Communities in 2016. The fund at one point considered a public listing, but a direct sale is now the preferred route. This move is seen as a way for GIC to unlock value and rebalance its exposure to US real estate, securing immediate liquidity from a platform that has grown into a national leader in affordable housing.
During GIC’s ownership, Yes! Communities expanded its portfolio and consolidated its position as one of the largest players in the sector. The decision to sell now aligns with a broader trend among sovereign wealth funds to recycle capital and diversify beyond US residential assets.
Political and Social Scrutiny
Despite being branded as affordable housing, manufactured home communities have faced criticism in the United States. Tenant groups argue that rent increases in some parks outpace wage growth, and concerns have been raised over maintenance and service standards. Should Brookfield complete the purchase, it will inherit not only a profitable business but also greater public and political attention, as housing affordability remains a national issue and institutional landlords face mounting scrutiny.
In recent years, several state legislatures have considered bills to strengthen protections for manufactured home residents. Pressure from community associations and housing advocates has increased, and large-scale investors like Brookfield are expected to be closely monitored for their rent and maintenance policies.
Regulatory Oversight
A transaction of more than $10 billion (≈ €9.3 billion) is likely to face regulatory review in the US. Antitrust and housing authorities could assess whether greater consolidation reduces competition or disadvantages residents. Rising energy and service costs also pose risks to operators’ margins, even in high-occupancy environments. Brookfield’s global profile strengthens its financing and operational capabilities but also makes it a visible target for oversight.
The deal will also test how regulators view foreign capital in a sensitive sector such as affordable housing. While the US remains open to international investment, growing political scrutiny of institutional landlords could complicate approvals and bring the transaction under wider public debate.
Brookfield’s Housing Strategy
Brookfield has steadily expanded its residential platform worldwide. Beyond office towers and infrastructure, the firm has built significant exposure to rental apartments, student housing, and single-family rental communities. The acquisition of Yes! Communities would add another pillar — a stable, defensive asset class with strong cash flow and limited development risk.
For Brookfield, the deal is part of a long-term strategy to balance growth-oriented assets with resilient income streams. The manufactured housing sector provides exactly that combination: consistent rent revenues, high occupancy, and limited new supply. By acquiring Yes! Communities, Brookfield positions itself at the forefront of a segment expected to see further institutionalisation and consolidation.
Implications for the Housing Market
If finalised, the acquisition would mark a milestone for manufactured housing, reinforcing its position as a mainstream institutional asset class. The deal could spur further consolidation among smaller operators and attract more international capital into the segment. It also illustrates the globalisation of real estate capital: a Canadian asset manager buying a US housing platform from a Singaporean sovereign wealth fund shows the scale of cross-border flows.
For residents, the real impact will depend on future rent policies, service standards, and investment in community infrastructure. For investors, the transaction highlights that affordable housing — long considered a niche or secondary market — is now firmly on the radar of global asset managers. European investors in particular are watching closely, as many markets face similar affordability challenges and may see comparable investment trends in the coming years.
The Bottom Line
Brookfield’s proposed acquisition of Yes! Communities from GIC — valued at more than $10 billion (≈ €9.3 billion) — underlines the growing institutional appetite for affordable housing in the United States. For GIC, it represents a strategic exit and immediate return on a long-term investment. For Brookfield, it is a chance to expand its residential platform with a stable, income-generating business. How Brookfield manages Yes! Communities in practice will be closely watched, setting a precedent for the role of global investors in the everyday housing market.
