Tovia Capital · United States
For ten years, Tovia Capital has built a habit of excellence in mobile home park investing — blending disciplined underwriting, innovative structuring, and hands-on management to deliver institutional outcomes in an overlooked corner of US real estate.
Our Philosophy
— Aristotle
Mobile home parks sit at the intersection of essential need and persistent under-investment. They produce durable, inflation-protected income — and reward operators who treat residents and assets with seriousness. That is the gap Tovia Capital was built to occupy.
Our approach is straightforward: acquire undermanaged parks at attractive bases, raise occupancy and rents to market, sub-meter utilities, and bring institutional reporting to a mom-and-pop asset class. Hold, refinance, or sell — whichever creates the most durable value.
We have done this seventeen times. The result is a portfolio that has compounded at 27.8% weighted gross IRR and returned 2.67× invested equity.
What We Do
Every deal we underwrite passes through the same three filters. The names on the door change. The standard does not.
We buy below replacement cost, on terms — frequently with seller financing — and only where the operational thesis is clear from day one. The first dollar of capital preservation comes at purchase.
Occupancy, rent-to-market, expense rationalisation, sub-metering, infill. We have a playbook refined across 17 transactions in 8 states, and we run it ourselves rather than outsourcing to third parties.
We structure each deal so we can hold for cash flow, refinance to return capital, or sell into strength. That optionality — built in at acquisition — is what produces asymmetric outcomes.
Deal History
From a single land-home package in Florida in 2015 to a multi-state portfolio of more than a thousand lots, each vintage layered on what we learned from the last.
Approximately 30 land-home packages, Florida — the foundation of the firm.
Poplar MHP · Maverick MHP
Cedar Village · Canyon Country · Autumn Falls
Cape Woods Resorts · Country View · Cape Woods Campground
First Point · Ernie's MHP · Green Acres
Riverside MHP · Pleasant Acres
Hazelwood Estates
Featured Case Study
Kansas City, Missouri. A tired 78%-occupied park acquired with 50% seller financing. Three years of disciplined operations turned an undermanaged Class C asset into a 31.8% IRR exit.
Principal Deal · 2019 Vintage
$1.2M purchase with 50% seller financing — exceptional leverage for a Class C park with clear upside in occupancy, rents, and utility billing.
Lifted occupancy from 78% to 96%, raised lot rents from $350 to $400, and sub-metered utilities. NOI grew from $120K to $170K.
Sold 2021 for $2.3M. Three-year hold from acquisition to closing.