Affordable Housing Portfolio

Portfolio Characteristics

Asset Size: 50+ units
Location: Various
Product Type: Manufactured Housing Community
Strategy: Income & Growth

Target Attributes

  • Compelling Economics – purchase prices corresponding to low/mid-teens annualized levered cash returns within 2-3 years
  • Operational Upside – historical local or absentee ownership that manifest in cost cutting opportunities or other operational synergies
  • “Lot Rent Only” Revenue Profile – all or a majority of homes with LRO leases
  • Attractive Markets – communities located within 30-45 minutes’ drive from major population and/or employment centers or proximate to other affordable housing demand drivers (government installations, retirement/seasonal housing markets, etc)
  • Compelling Supply/Demand Fundamentals – markets with diminishing supply, moratoria on new MHC development, rapidly growing working class populations, etc