(Bloomberg) -- A Brookfield Asset Management Ltd. property fund sold a large chunk of a manufactured housing portfolio as the company seeks to capitalize on growing demand for the sector. 

The $325 million deal consists of 19 manufactured housing communities across seven US states, totaling 3,166 home sites, according to a Brookfield spokesperson. The sale resulted in a gross internal rate of return of roughly 24%, the spokesperson said. The company declined to name the buyer.

Brookfield snapped up the bulk of its manufactured housing communities in 2017 and bought more in 2021. But the opportunistic property fund has recently been seeking to sell some of those assets, striking a deal in August to offload 23 communities. The sector has been helped by strong demand, according to Swarup Katuri, a managing partner at Brookfield Real Estate.

The latest sale “reflects the ongoing strength of the manufactured housing sector as well as the execution of our strategy to earn a favorable return and return capital to our investors,” Katuri said in an emailed statement.

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