This entry treats mobile home parks at capital scale: deploying significant capital to acquire and aggregate manufactured-housing communities, often through funds or large operating platforms, and executing value-add strategies across portfolios to earn returns from the lot-rent income and the...
Log in to followI'm working out what a first deal costs me, and parks keep coming up as the thing with the best numbers. Low expenses, tenants who can't afford to move, demand going up when the e…
I've been reading two different pitch decks for park funds and they lead with completely different things. The first one spends four pages on lot rents being $340 in the target ma…
Working through a hypothetical aggregation of 12 parks, roughly 1,050 pads, mostly 1970s builds in secondary midwest and southeast markets, master metered water, expense ratio com…
Modeling exit on an aggregation and I can't get the room's consensus and my own math to agree. The consensus is portfolio premium. A buyer paying $90M for 14 stabilized parks with…
I manage apartments and I'm getting asked to quote on two manufactured housing communities, 180 and 240 pads, both mostly lot-rent-only. I don't know how to price this. On apartme…
$150k into a six-park value-add deal, 890 lots, three states. I read every page of the LP agreement and the PPM, twice, and marked it up. I still lost most of my position, and the…
I've been running service calls for years and half of what I do is water and sewer under old properties. Two of the bigger park operators in my region have started calling around…
This is the beginner version of a loss because I was a beginner. Someone I met through a real estate group was selling participations in a loan he'd made to an operator buying a 1…
I run active deals, small stuff, and I've never been the passive money before. Guy I've known from a local meetup for three years is raising a $40M fund to buy manufactured housin…
Fund II strategy is infill on the vacant pads we already own. 3,200 pads across the portfolio, 470 vacant, mostly clustered in six parks in the Southeast where the market lot rent…
I've got about $50k I'd want to place passively and mobile home parks keep coming up as the sector with the best cash flow characteristics. Everything I find is either a syndicati…
An operator with nine parks, about 1,600 lots in three states, asked me to scope water infrastructure work portfolio wide. This is the biggest thing I've been asked to quote and I…
The clause was three words long. "Exclusively sourced by consultant." I read it, thought it meant the parks I brought them, and signed it on a phone call. Setup: a mid-size aggreg…
I've been comparing two loan requests and the collateral question is bothering me. One is a 96 lot manufactured housing community, tenant-owned homes, lot rent well under the loca…
Working through a purchase agreement on a nine-park aggregation, about 1,100 pads, seller is a family operator consolidating out. The utility reps are where I'm stuck. The seller…
An operator running a roll-up wants my three parks. 214 lots total, all tenant-owned homes except 19, in-place NOI $712k. I'm in for $2.9M all in including the water plant rebuild…
Working through a $60M equity allocation and the choice keeps coming back to the same fork. Either we back a sponsor who already has a management platform across 40-odd parks and…
I've been offered a $4M slice of a $19M bridge loan on a 14-park portfolio and the debt yield only works if I count income I'm not sure I should count. The portfolio: 1,180 lots a…
I've been reading fund summaries for manufactured housing and they all describe the portfolio in pads and then say something like "92% lot-rent-only, minimal park-owned homes." I…