A manufactured-housing community in the Clover Creek area of Pierce County has changed hands for just under $17 million, landing in the portfolio of an out-of-state investment group. Franklin Pierce Estates, located at 11305 22nd Ave. E. and dating to the mid-1980s, was sold by Franklin Pierce Estates LLC, a Mercer Island-based entity, to an LLC affiliated with Dallas-based Invesco Real Estate, according to public records.
The sale was recorded on September 25, according to The News Tribune. The more-than-6-acre property is described in listing information as an all-ages community, per the same News Tribune report.
Who Bought the Park
Invesco Real Estate manages more than $84 billion in public and private real estate assets, according to the News Tribune's reporting, and launched its Homestead Communities platform in 2023 under Chief Executive Officer David Gold specifically to buy and manage manufactured home communities nationwide, according to a PR Newswire announcement. The company describes itself as dedicated to addressing the affordable housing crisis in the U.S., providing what it calls safe, clean, and supportive communities for working families and retirees, and offering affordable, high-quality, single-family manufactured homes for ownership or rent, per the News Tribune.
Homestead Communities already operates at least three manufactured-housing communities in Washington state, according to its website, along with communities in Arizona, California, Colorado, Georgia and Texas. The company has grown into one of the top ten buyers of manufactured housing communities in the United States over the past two years, according to a job listing published by Trabajos. Invesco Real Estate representatives did not respond to a request for comment on the acquisition as of publication, the News Tribune reported.
A 102-Lot Community Built in 1985
Franklin Pierce Estates is a 102-lot manufactured housing community, with lot rents historically listed between $575 and $625 per month including water, sewer, and garbage services, according to MHBO.com.
Existing manufactured home parks like this one have become prized targets for institutional investors partly because so few new ones can be built. Real estate industry analysis published this month found that only 5 percent of all U.S. manufactured housing communities have been developed since 1990, largely due to strict municipal zoning and land-use restrictions, according to Multi-Housing News. Research from the Private Equity Stakeholder Project shows institutional investors accounted for 23 percent of all manufactured home community acquisitions nationally in 2020 and 2021, up from 13 percent between 2017 and 2019.
State Protections for Residents
Washington lawmakers have tried to give residents a chance to compete with institutional buyers. Under Senate Bill 5198, passed in 2023, park owners selling a manufactured housing community must send a written notice of opportunity to purchase to tenants, the state Department of Commerce, and the Housing Finance Commission, allowing potential resident co-op or nonprofit acquisition offers before a sale closes, according to a summary from wa-law.org.
Separately, Washington House Bill 2452 took effect June 11, 2026, amending the Manufactured/Mobile Home Landlord-Tenant Act to align rent increase notice service methods with standard landlord-tenant statutory procedures, according to the Municipal Research and Services Center.
Part of a National Growth Pattern
The Franklin Pierce Estates deal fits a broader pattern for Invesco, which has been expanding its manufactured housing footprint well beyond the Pacific Northwest.
