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A decade ago, Blackstone Group Inc. became America's largest landlord, purchasing tens of thousands of single-family homes during the foreclosure crisis. Now the private equity firm has spotted the next big opportunity as the virus-induced recession crushes the working poor, that is, betting on mobile-home parks.

The alternative asset manager has made a drastic shift in investment focus in the last 12 months. This time last year, Blackstone was bidding on a portfolio of luxury hotels - now they're in talks to purchase up to 40 mobile-home parks from Summit Communities for $550 million, according to Bloomberg, who spoke with several people with direct knowledge.