Brookfield Asset Management sold 19 manufactured housing communities in the U.S. for $325M to an unidentified buyer, Bloomberg reports, resulting in a return of about 24% for the investment giant.

The communities total 3,166 home sites, according to Brookfield, and are in seven states. The portfolio is a relatively small slice of Brookfield's holdings in the sector, which totaled more than 170 communities before the sale.

The company began acquiring manufactured housing in 2017 and bought more in 2021, according to Bloomberg. It hasn't been alone in the play in recent years.

Last year, Castle Park Investments formed a $500M JV equity partnership with a private equity firm to invest in manufactured housing, RV resorts and campgrounds nationwide as demand for these types of residential properties increased.

Also, JLL Capital Markets arranged more than $300M in financing late last year for a deal involving more than 40 manufactured housing communities in six states, representing more than 10,000 home sites. The company didn't disclose the buyer or seller in the transaction.

“Capital interest in the manufactured housing community and RV sectors has never been greater,” JLL Manufactured Housing Lead Zach Koucos said in a statement.

Brookfield appears to be interested in purchasing distressed debt tied to housing properties.

Just last week, Brookfield finalized a deal for a portfolio of loans tied to more than 2,000 apartment units in San Francisco. The properties were formerly owned by Veritas, which defaulted on a $448M loan last year.

Brookfield also led a group bidding for $4.4B in loans tied to affordable housing properties in New York City in an auction of assets owned by the failed Signature Bank. Another group, led by Related Cos., was chosen as the auction's winner in mid-December.