Investor Deepens Bet on Myrtle Beach Manufactured Housing

MYRTLE BEACH, SC – March 18, 2026 – FG Communities, a real estate holding company focused on affordable housing, has announced the acquisition of its second manufactured housing community in Myrtle Beach. The move signals a deepening investment in a region that is simultaneously one of the nation's fastest-growing markets and a focal point for a severe housing affordability crisis.

Situated in a city that welcomes over 20 million visitors annually, the newly acquired property underscores a broader strategy by investors to capitalize on the soaring demand for affordable living solutions in high-growth areas. The company, co-founded by former TD Ameritrade CEO Joe Moglia, Kyle Cerminara, and Michael Anise, now holds a portfolio of 77 properties with over 3,000 homesites across the Southeast.

"We are thrilled to expand our footprint in Myrtle Beach with this acquisition," said Kyle Cerminara, Chairman and Co-Founder of FG Communities, in a press release. "With a thriving local economy, and continued population growth, this community is exactly the type of market where we can deliver lasting value for residents and strong returns for shareholders."

This transaction places FG Communities at the heart of a complex local debate, highlighting the growing tension between rapid development, community preservation, and the urgent need for workforce housing.

A Tale of Two Markets

Myrtle Beach's economic story is one of remarkable success. The city's population has swelled by over 19% since 2020, with its metropolitan area boasting the largest increase in senior residents in the country. This demographic and tourism boom, fueled by a warm climate and low taxes, has driven a total economic impact exceeding $26 billion annually.

However, this prosperity casts a long shadow. Beneath the thriving tourism and influx of retirees lies a critical shortage of affordable housing that threatens the stability of the local workforce. The median price for a single-family home has pushed past $500,000 in some recent reports, while the median household income for Horry County hovers around $66,000. This stark disparity makes homeownership a distant dream for many of the 82,000 workers who power the region's hotels, restaurants, and service industries.

Local officials have openly acknowledged the crisis, noting that essential workers, including teachers, police officers, and hospitality staff, often face daily commutes of over two hours because they cannot afford to live in or near the city they serve. The issue has become a significant impediment to attracting and retaining a stable workforce, with some businesses reportedly forced to curtail operations due to staffing shortages.

In response, the City of Myrtle Beach and Horry County have begun implementing proactive measures. Since 2021, local government has worked to establish a community land trust, a non-profit designed to acquire land and develop quality homes that remain affordable for generations of low-to-mid-income families. The first homes under this program are expected to be completed this month.

The Rise of Manufactured Housing

FG Communities' acquisition taps into a national trend where manufactured housing is being re-evaluated as a critical solution to the affordability gap. Long burdened by outdated stigmas, the industry has undergone a significant transformation. Modern manufactured homes are built to stringent federal HUD standards for safety and energy efficiency, often featuring designs and amenities indistinguishable from traditional site-built homes.

The primary advantage remains cost. In 2024, the average price of a new manufactured home was approximately $125,000 (excluding land), a fraction of the over $400,000 average for a new site-built home. This cost-effectiveness, achieved through efficient factory production and bulk purchasing, has made it an increasingly attractive option for first-time buyers, retirees, and younger generations priced out of conventional markets.

This growing demand has not gone unnoticed by investors. Manufactured Housing Real Estate Investment Trusts (REITs) have become a top-performing property sector, delivering stable returns driven by high occupancy rates and consistent rent growth. The sector's resilience makes it a compelling asset class, particularly in markets with inelastic demand for affordable living space.

A Strategic Expansion

FG Communities' business model is built upon this convergence of social need and market opportunity. The company's stated mission is to "preserve and improve affordable housing," positioning itself as a responsible steward of communities that provide a vital housing alternative. With $117 million in raised funding, the firm has pursued an aggressive expansion strategy, acquiring dozens of properties primarily across the Carolinas in just the past few years.

Their focus on Myrtle Beach is a calculated move. The press release highlights the area's "strong demand and limited affordable housing supply" as creating a "compelling long-term opportunity." By acquiring existing communities, the company avoids the zoning battles and development hurdles that often plague new construction, allowing for a faster entry into a supply-constrained market.

The challenge, however, lies in executing its dual mission of providing shareholder returns while improving resident quality of life. While the company's public-facing mission is centered on community and compassion, internal employee reviews present a mixed picture, with some praising strong leadership and others citing a difficult work environment and high turnover. This suggests that the operational realities of managing a rapidly growing portfolio can be complex.

Balancing Profit and People

The arrival of a large, well-funded corporate owner in the local manufactured housing scene is a significant development for Myrtle Beach. While local leaders are actively seeking solutions to the housing crisis, community sentiment toward new development can be wary. Residents frequently voice concerns at public meetings about increased traffic, density, and the potential strain on infrastructure, reflecting a common "Not In My Backyard" (NIMBY) sentiment.

For corporate owners like FG Communities, success will depend heavily on their ability to manage these properties in a way that builds trust with both residents and the wider community. The promise to "improve the quality of life" must translate into tangible actions, such as investing in community infrastructure, maintaining fair lot rents, and providing attentive management.

This acquisition serves as a real-world test of a model being deployed across the country: whether private investment can be effectively channeled to preserve a critical source of affordable housing without displacing the very residents it claims to serve. As institutional capital continues to flow into the manufactured housing sector, the experience of residents in Myrtle Beach will offer a crucial case study on the future of affordable living in America's most desirable destinations.