Mobile Home Park Investing 2026: 107 Form D Filings, REIT Data

What the two listed owners report

Two real estate investment trusts own most of the institutional manufactured housing stock in the United States and both file with the SEC: Sun Communities (NYSE: SUI, CIK 912593) and Equity LifeStyle Properties (NYSE: ELS, CIK 895417). They are the only audited, quarterly look at what a portfolio of mobile home parks does, because the owners of a park lease the land (the “site”) and, in most cases, the resident owns the home. The tables below are the manufactured housing part of each filing, with each company's own words for the measure.

Source: Sun Communities Form 10-K for 2025 (filed February 25, 2026) and Form 10-Q for the quarter ended June 30, 2026 (filed July 28, 2026); Equity LifeStyle Properties Form 10-K for 2025 (filed February 18, 2026) and Form 10-Q for June 30, 2026 (filed July 28, 2026). Percentages are as reported unless marked “our arithmetic”. ELS's Q2 per-site rent is “approximately” in its filing.

Read the two columns side by side and a few things stand out. Sun's MH expenses grew 2.7% in 2025 while revenues grew 7.2%, which is why NOI grew faster than rent (8.9% against 5.2%); its MH NOI was 74.0% of MH revenue in 2025 against 72.8% in 2024 (our arithmetic: $686.9 million over $928.4 million, and $630.9 million over $866.1 million). That is the benefit of scale on a mostly fixed cost base, and a single-park owner pays the same property tax and insurance without the scale: Sun's same-property real estate taxes, MH and RV together, rose 7.2% in 2025.

Equity LifeStyle shows what the rent engine looks like when occupancy is not the driver. Its Q2 2026 MH base rental income grew 5.8%, and the filing attributes all of it to “growth from rate increases”; occupancy fell because 503 expansion sites were added since June 30, 2025 and are not yet full. About a quarter of its MH rental agreements carry rent increase provisions tied to the Consumer Price Index, “approximately half” of those with a floor of roughly 2.0% to 6.0%, and state and local rent control or rent-regulating bodies affect 33 wholly-owned properties, all seven of its Delaware properties among them. In Florida, which is about 38% of its sites and 46% of its property operating revenues, the filing says the park owner “may increase rental rates to market, subject to certain advance notice requirements and a statutory requirement that the rental increase and rental rates be reasonable”.

Two cautions on using these as benchmarks. First, the definitions differ: Sun's “Same Property” is the group of properties it has “owned and operated continuously since January 1, 2024”, excluding development and some other properties; ELS's “Core Portfolio” is every property owned in both periods compared. Second, both companies report from parks that were bought, expanded, repaired and professionally managed over decades. The public companies also sell and rent homes (Sun's rental program had 13,130 rental homes in its MH annual sites at June 30, 2026), which is a different business from leasing land.

The private route: 107 Form D filings in 33 months

Most people who search “mobile home park investing” and are not buying a park themselves end up looking at a syndication: a sponsor forms a limited liability company or limited partnership, buys one park or a portfolio, and sells interests to investors under Regulation D. Every such offering files a Form D with the SEC, and the SEC publishes the data. We took the quarterly Form D data sets from the first quarter of 2024 to the third quarter of 2026 and kept every original Form D (amendments excluded) whose primary issuer's name contains “mobile home”, “manufactured home” or “manufactured housing”, “MHP” or “MHC” (the industry's abbreviations for a mobile home park and a manufactured housing community). We named sponsors only as the issuer entities on the form.

How we drew the line, because the filter matters: we removed 13 names that match but are not park offerings or cannot be confirmed from the form (a bank's mutual holding company, a hospital group, a sports company, two REIT preferred placements of $125,000 and $62,500 that exist to give a REIT its 100 shareholders, an operating company whose offering is stated as $100 billion, and six “MHC” names we could not confirm as manufactured housing). We did not count entities that use only “MH” in the name (25 original filings, among them funds that look like manufactured housing vehicles but are not named as such), and we cannot see sponsors with generic names. The count is therefore a floor for park offerings and a ceiling for nothing. The list and the exclusions are in the download.

Source: SEC Form D data sets, 2024q1 to 2026q3, our script and its output (saved with this page). Amounts sold are taken from the latest Form D or amendment for the same SEC file number, through September 30, 2026; one filing (Rule 504) is in neither the 506(b) nor the 506(c) column, and 506(c) filings that also claim 506(b) are counted as 506(c). Counts and totals are our arithmetic.

The dollar total is dominated by two filings. Silver Creek Manufactured Housing Communities, LLC (first filed July 30, 2025, indefinite offering amount, $5,000,000 minimum) reports $376,380,000 sold in its latest amendment; Bedrock MHC Partners IV L.P. (August 25, 2025, indefinite) reports $82,950,000. Together $459,330,000, 63.4% of the total (our arithmetic). The other 105 filings sold $265,079,675 between them, and the median filing that sold anything sold $1,625,000 to a median of 15.5 investors among the filings that report any. Most park syndications are small, single-park deals.

Source: SEC Form D data sets; bands by the offering amount on the original filing. “Indefinite” is the form's answer when the sponsor states no cap; this group includes the Silver Creek and Bedrock filings and four Apollo Manufactured Housing Property Fund vehicles that report no sales yet. Our arithmetic.

Who can buy, and what it costs to get in

Federal law splits these offerings in two. Under 17 CFR 230.506(b)(2)(i) there must be “no more than, or the issuer reasonably believes that there are no more than, 35 purchasers” in any 90-calendar-day period, and the sponsor may not advertise; under 17 CFR 230.506(c)(2)(i) advertising is allowed but “all purchasers of securities sold in any offering under paragraph (c) of this section are accredited investors”, and the issuer must take “reasonable steps to verify” it (17 CFR 230.506(c)(2)(ii)). Of the 107 filings, 68 use 506(b), 38 use 506(c) and 1 uses Rule 504.

The 506(c) deals look different. They are 35.5% of the filings but only $49.7 million, 6.9% of the dollars sold (our arithmetic), and 44.7% of them report any sale against 81.2% of the others. A sponsor that advertises to the public and has to verify every investor sells less, on this evidence, than one raising from its own list. And the doors are narrowing at the bottom: the share of filings that check the non-accredited box fell from 16 of 44 (36.4%) in 2024 to 5 of 35 (14.3%) in 2025 and 1 of 28 (3.6%) in 2026 (our arithmetic). For readers who are not accredited, see our guide to real estate crowdfunding for non-accredited investors and the difference between qualified purchasers and accredited investors.

Source: SEC Form D data sets (minimum investment accepted from any outside investor). A few filings state a token minimum such as $1 for an affiliate vehicle; the filter “$1,000 or less” does not mean the deal is open to anyone. The remaining 10 rows (such as $10,000, $30,000 and $250,000) are not shown separately. Our arithmetic.

The form shows the minimum the issuer will accept, not the minimum a retail investor will be offered, and the median of $25,000 sits inside the range of what a platform investor can open an account with. At the top, Silver Creek's minimum is $5,000,000.

Fees: what Form D shows and what it does not

Form D asks the issuer for the sales commissions and finder's fees it expects to pay. In the 107 filings, 2 report a sales commission and 1 a finder's fee:

Source: SEC Form D data sets, the sales commission and finder's fee amounts in the latest filing for each file number. The finder's fee is reported on a different line of the form from sales commissions.

The other 104 filings report none. That does not mean the deals are free: a Form D reports only compensation paid to people who solicit investors. Acquisition fees, asset-management fees, property-management fees, financing fees, the sponsor's share of profits above a preferred return (the “promote”) and any markup on homes sold to residents are outside the form and live in the private placement memorandum and the operating agreement, which you will not find on EDGAR. For the same census of the broader category, see our real estate syndication Form D analysis and our count of LLC and LP structures in real estate Form D filings.

The largest filings and where they are

Source: SEC Form D data sets; “Filed” is the date of the original Form D, “Total sold” comes from the latest filing for the same file number. Names are the issuer entities on the form; we do not name individuals.

Of the 107 issuers, 97 are LLCs and 10 are limited partnerships. By the state of the issuer's principal office, the most common are California (13), New York (11), Florida (10), Virginia, North Carolina and Texas (8 each), and Nevada and Washington (6 each); the parks themselves can be elsewhere, because the Form D gives the issuer's address, not the property's. By the form's industry group, 46 are filed as Residential, 31 as Commercial, 13 as Pooled Investment Fund, 12 as Other Real Estate and 5 as other categories.

Context: new manufactured homes, shipments and price

The Census Bureau's Manufactured Housing Survey, sponsored by HUD, counts new homes shipped from factories. It does not tell you what park rents do, but it shows how much new supply and replacement stock is moving.

Source: U.S. Census Bureau, Manufactured Housing Survey, “Shipments of New Manufactured Homes, 2021 - 2026” (file shipment.xlsx), read October 13, 2026. “Total” as published.

The average sales price of a new manufactured home was $134,500 in December 2025 (single-section $88,200, double-section $161,200) and $130,500 in May 2026, against $120,900 in January 2025 (Census Bureau average sales price table, United States). A resident buying a new home for a park lot is committing six figures on top of the lot rent, which is part of why the rent increase rules below matter: the resident cannot move the home cheaply.

The law that sets the rent: five state statutes

Most of what separates a good park from a bad one on paper is whether the owner can raise the rent, how fast, and whether residents can interfere with a sale. These are set by state manufactured home park statutes, and they differ sharply. We read five from official legislature or state code sites on October 13, 2026 and quote the operative words. The rows are our summary of the quoted words, not legal advice; the statutes have exceptions and definitions you must read before relying on them.

Source: Florida Statutes 2026, sections 723.037 and 723.071 (leg.state.fl.us); Revised Code of Washington 59.20.090 (app.leg.wa.gov); Delaware Code title 25, chapter 70, subchapter VI (delcode.delaware.gov); Minnesota Statutes 327C.095 and 327C.096 (revisor.mn.gov); Arizona Revised Statutes 33-1476 (azleg.gov), all read and saved October 13, 2026. Quotation marks show the statute's words; the right-hand column is our reading.

Three points from the table change how you underwrite a park. One: the ELS filing counts 33 wholly-owned properties under rent control or rent-regulating bodies, so a 3% to 6% annual rent assumption is a state-by-state question, and Delaware's formula (3.5% of the rent plus half of two-year CPI-U, within caps) is a very different number from an “increase to market”. Two: the right-of-first-refusal for residents in Florida is real but conditional on the association having organized under sections 723.075 to 723.079, and it does not apply to the transfers in subsection (4). Three: a plan to convert a park to another use runs into closure notices and, in Minnesota, a relocation fund process under 327C.095; a seller's exit price depends on what a buyer can lawfully do with the land. These are our reading of the quoted text; confirm the current text, local ordinances and any lease terms with a lawyer in the state of the park.

What a reader can do with this

• Decide which of the three routes you are actually considering. Buying shares of Sun or Equity LifeStyle trades on the NYSE with a daily price; a Form D syndication is illiquid, usually a first-time sponsor's single park, with a median minimum of $25,000 on this evidence; buying a park yourself is a loan and a management business. The data above prices only the first two.
• Use the listed numbers as a ceiling, not a forecast. 97.8% to 98.1% occupancy and 5% rent growth are what Sun reports on large same-property portfolios; ask any sponsor for the same two measures for the specific park, with the rent roll and how many sites are vacant, owned by the park or occupied by a rented home.
• Ask the sponsor for the documents Form D does not give you: the operating agreement and offering memorandum (fees, promote, who pays the sales commission), the rent history and the state law the park sits under. Our census found that 2 of 107 filings report any commission; none of the fee terms in the documents can be read from EDGAR.
• Check the sponsor's record in the Form D list. Search the issuer name in EDGAR full-text search (efts.sec.gov) and compare the first Form D with the amendments: a deal that filed in 2024 and still reports zero sold has not raised the money.
• If you are not accredited, 22 of the 107 filings left the non-accredited box checked, but the share is falling (16 in 2024, 1 in 2026). Look at the structure of the offering before the sponsor's pitch.

This is analysis of public documents, not investment, legal or tax advice.

FAQ

Sources, read and saved on October 13, 2026: Sun Communities, Inc. Form 10-K for 2025 (accession 0000912593-26-000086) and Form 10-Q for June 30, 2026 (0000912593-26-000234); Equity LifeStyle Properties, Inc. Form 10-K for 2025 (0001628280-26-008722) and Form 10-Q for June 30, 2026 (0001628280-26-050244); SEC Form D data sets 2024q1 to 2026q3 (FORMDSUBMISSION, ISSUERS and OFFERING) with our script and output, and the latest Forms D of Silver Creek Manufactured Housing Communities, LLC (0002077814-26-000001) and Meadows MHC Portfolio Holdco, LLC (0002098691-26-000002); 17 CFR 230.506 (ecfr.gov, version of October 1, 2026); Florida Statutes 723.037 and 723.071; Revised Code of Washington 59.20.090; Delaware Code title 25, chapter 70; Minnesota Statutes 327C.095 and 327C.096; Arizona Revised Statutes 33-1476; U.S. Census Bureau Manufactured Housing Survey shipments and average sales price tables. Limits: names only, not property addresses; sold amounts are as the issuer reports them; state statutes change and have local overlays.