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ennifer Rivera Cruz broke out in hives just days after moving into Waterside Mobile Home Park in Gibsonton. The allergic reaction worsened, and she panicked as termites swarmed her home at night. Her wife, Dena Guzman, and their three children also suffered from the infestation. The couple begged their landlord to address the issue but were met with resistance.

    The family had recently moved from a Tampa mobile home park owned by the same company, where they faced similar problems. They decided to stop paying rent until the termites were exterminated. However, after a month, the landlord evicted them.

    Twelve current and former tenants shared similar stories of living in dilapidated mobile home parks owned by an investment firm linked to Alden Global Capital. The company has acquired about 40 mobile home parks in Hillsborough County since 2022, mostly at a time when rising interest rates deterred other corporate investors.

    Mobile home parks often serve as a last resort for vulnerable people struggling with the record-high cost of living. Experts fear that firms like Alden prey on immigrants, low-income families, and others who have nowhere else to go. Tenants reported termites, rats, raw sewage, and other health concerns before Alden bought the properties.

    A report by the Private Equity Stakeholder Project found 63 Alden-owned parks across Florida, with most concentrated in Tampa Bay. Jordan Ash, the nonprofit's director of housing, said Florida has the most private equity or hedge fund-owned manufactured housing parks of any state.

    Jennifer Rivera Cruz and her family were not alone in their struggles. Many neighbors were afraid to speak up due to fear of retaliation from their landlords. The couple had weekly leases, poor credit, and financial constraints that made it difficult for them to find a new home if the landlord evicted them.

    Randall D. Smith formed Alden Global Capital in 2007 as a hedge fund. The firm has a reputation for buying distressed assets, slashing operating budgets, and maximizing short-term profits. Critics call this practice "vulture capitalism."

    Alden entered the Tampa Bay market in October 2022 with the bulk purchase of at least 10 parks in Seffner and Thonotosassa. The company bought more than 20 Hillsborough County parks from Atlanta-based Jordan Capital AM the next year.

    Many residents interviewed by the Times declined to comment on the record, fearing retribution from their landlords. They shared stories of vermin, mold, sewage, faulty air conditioners, excessive late fees, and excessive charges on water bills.

    Dolly Rogers spent two years in a park called Livingston Family Communities with a roof that leaked and sagged, saturated with water. The walls were soft and caved in when she touched them. Mold grew in the insulation and cabinets.

    Audra Oliver lived at Waterside for 18 months while sewage from homes uphill pooled beneath her own home. Blockages caused sewage to bubble up in her bathtub. She and her sons slept and ate beneath swarms of termites that would sometimes fall from the ceiling into their mouths.

    Oliver pleaded with management to fix the issues but was met with temporary or partial fixes. Rent was charged weekly, collected in the park's office, with compounding fees for every day the money was late.

    Rep. Kathy Stark said mobile home residents are vulnerable citizens who need protection. She introduced a bill that passed and went into effect in July, allowing senior residents to have home health aids without paying additional rent and clearing the path for easier mediation between park owners and tenants in rent disputes.

    Some experts speculate Alden's motive for buying mobile home parks is not the rent but the land beneath the trailers. Located in a rapidly growing metro area, the property is ripe for redevelopment.

    Alden has a history of cashing in on real estate holdings attached to its investments. After shuttering Greyhound bus stations, developers unveiled plans to build apartments and retail spaces on the sites.

    Within two years of purchasing their first park, Alden sites have filed more than 200 evictions in Hillsborough County – more than most individual park owners have filed in over three and a half years. However, many parks were already filing evictions at high rates before Alden took over.

    Tom DiFiore, an attorney with Bay Area Legal Services, said the goal of investors is often to get everyone out of the mobile home park so they can turn it into something more profitable.