Acquisition Thesis
// OUR BUY BOX
01. Core Asset Profile
RV PARKS
- • Extended stay, workforce, or destination parks.
- • Minimum 40 pads (prefer 60+).
- • High percentage of monthly/long-term tenants.
- • Mom-and-pop owned with below-market rents.
MOBILE HOME PARKS
- • Tenant-Owned Home (TOH) majority.
- • Minimum 40 pads.
- • Value-add via infill (vacant pads) or utility bill-back.
- • No more than 20% Park-Owned Homes (POH).
02. Deal Parameters & Geography
- ✓Deal Size: $1,000,000 to $10,000,000+
- ✓Geography: Texas (Primary), Sunbelt Region, Midwest (Opportunistic). Must be within 2 hours of a major MSA.
- ✓Target Returns: 8%+ Going-in Cap Rate on actuals, path to 12%+ Yield on Cost.
- ✓Value-Add: Operational inefficiencies, absent management, deferred maintenance, unbilled utilities.
- ✓Utilities: City Water/Sewer heavily preferred. Well/Septic considered if permitted and fully operational.
03. Hard Passes (Do Not Submit)
SEVERE FLOOD ZONESAssets entirely in FEMA Flood Zone A/AE with history of total inundation.
HEAVY POH PORTFOLIOSMHPs where the majority of the park consists of aging, dilapidated Park-Owned Homes.
TOXIC EPA ISSUESFailing lagoons, unpermitted wastewater treatment plants, or severe environmental contamination.