Four strategies, one discipline

Cash-flowing manufactured housing and RV communities, infill properties and underutilized sites where the current use covers the carrying costs. The land, density or expansion potential creates a second layer of value.

Property types

MHC, RV parks, infill and underutilized sites

Typical deal size

$1.5MM–$10MM

Scale

25–150+ sites

Geography

All 19 target metros and ~75-minute radius

Entitlement is upside, never the requirement. Every covered land deal has to work on its current use, even if zoning never changes. We look for communities with resident-owned homes, room to fill vacant pads or add sites, utility and operating improvements, and land that should be worth more over a long hold.

What a buyer looks for in a mobile home park or RV park

Sub-institutional workforce apartment buildings where basis, renovation and active management materially increase net operating income and value.

Units

6–50 units (no duplexes)

Typical price

About $1.5M–$5M

Focus markets

Kansas City, Columbus, Cincinnati, Salt Lake City

Business plan

Buy, stabilize, refinance, hold

We target established workforce neighborhoods, where demand is durable and the buildings are older, smaller and often owned by individuals. The best opportunities usually combine a sound building in a good location with a seller situation that has held it back: deferred maintenance, below-market rents, management fatigue or a partnership that needs to unwind. Larger deals will come into scope as the program scales.

Small-bay, shallow-bay and flex light industrial, selective self-storage, and fee-simple special situations where owned real estate carries the value.

Industrial

Small-bay, shallow-bay, flex, light industrial

Self-storage

Selective, with lease-up or expansion upside

Special situations

Operator exits, deferred CapEx, lease resets

Excluded

Ground-lease assets

These assets serve local businesses and households and are often overlooked by larger buyers. Special situations are fee-simple real estate where an operator exit, deferred capital expenditure or a lease reset creates the entry point. We do not buy ground-lease positions.

Performing, sub-performing and non-performing loans secured by real estate that fits our buy box, purchased as a route to ownership.

Loan types

Performing, sub-performing, non-performing

Collateral

Buy-box assets in or near target metros

Sellers

Banks, credit unions, special assets groups, private lenders

Resolution

Workout, deed in lieu, receivership or foreclosure

We buy notes only where we would be glad to own the property behind them. Our background in lender-side workouts, receiverships and enforcement means we can evaluate a loan file quickly and work with borrowers professionally. Information for lenders and note sellers.