We believe our success depends on our ability to achieve three objectives:
01.
Provide our tenants with housing communities that are dignified, well-managed and affordable.
02.
Generate great risk-adjusted returns for our investors.
03.
Promote a firm-wide culture of constant learning, innovation, transparency and hard, but smart work.
Investment Strategy
We believe mobile home parks are unique as a real estate asset class. It combines:
High barriers to entry due to zoning restrictions
Stable rent rolls with a reduced need for repairs and maintenance of homes that are owned by tenants and
Great underlying demand for affordable housing at a national level
We believe most of the mitigation of risk in this asset class occurs before you close on a deal. We particularly focus on:
Deep top-down analysis of local and regional dynamics driving affordable housing demand and supply. The right economic framework can support investing in both rural and urban areas.
Exhaustive evaluation of existing park operations and infrastructure to correctly forecast operating and capital expenditures. We find opportunities to add value quickly and we avoid capital expenditure surprises.
Accurate understanding of local legal frameworks governing parks. We want to focus on improving and growing parks not dealing with friction with local authorities.
Post-acquisition we focus on adding value:
Increasing and stabilizing occupancy.
Improving basic infrastructure.
Creating a community with a culture of pride of ownership and mutual respect.
We are not afraid of turnaround situations. Our learning curve has included successfully overcoming challenges in areas such as water and sewage infrastructure, collections and occupancy. We have operational expertise in small and large parks.
