Track Record
A 27.8% weighted gross IRR is the headline. What follows is how we got there — deal by deal, lever by lever, with the same playbook applied across every vintage.
Case Study 01
Kansas City, MO · Principal Deal
The textbook value-add. A small park at 78% occupancy with rents well below market and unbilled utilities — acquired with seller financing in 2019 and exited in three years for more than double invested capital.
3-Year Hold · Exited 2022
$1.2M acquisition with 50% seller debt — an attractive basis on a park with 78% occupancy, $350 lot rents, and master-metered utilities.
Lifted occupancy to 96%, raised rents to $400, and sub-metered utilities. NOI grew from $120K to $170K — a 42% step-change in two years.
Sold in 2022 for $2.3M, generating $1.725M on $720K invested.
Case Study 02
Dudley, NC · Fund Deal
The largest acquisition in the portfolio — a 219-lot park bought from its original mom-and-pop developer, weighed down by deferred maintenance and 120 park-owned homes. Three and a half years of operational lift converted a capital-intensive operating business into a capital-light institutional asset.
3.5-Year Hold · Exited 2025
$6.0M purchase from the original developer — a mom-and-pop operator who had let deferred maintenance and tenant delinquency accumulate. Financed at 70% LTV with bank debt. At close: 170 of 219 lots occupied, with 120 park-owned homes weighing on the operating model.
Substantial capex: vacant and distressed homes remodelled, roads repaved, infrastructure refreshed. Tenant base re-underwritten to address chronic delinquency. POH inventory converted from 120 to 30 — pulling the asset from operating-intensive toward capital-light. Occupancy lifted from 170 to 185 lots.
Sold 2025 for $9.75M against the $6.0M acquisition — a $3.75M unlevered appreciation over three and a half years.
The Playbook
Across seventeen transactions and ten years, the same five conditions show up in our best deals.
Parks in the 70–85% occupied range, where modest operational lift converts directly into stabilised NOI.
Sub-meterable utilities, rents 10–20% below local comps, and the legal ability to mark-to-market within 12–24 months.
Wherever possible, we structure with seller paper — preserving institutional financing capacity for growth, not acquisition.
Sellers exiting after long holds, where the asset has been run with care but never optimised for institutional reporting or revenue management.
Multiple credible exit paths: hold-for-yield, refinance to return capital, or sale into an institutional buyer pool that has grown materially over the past five years.