A PPM for mobile home parks and manufactured-housing communities

Mobile home parks (MHPs) are lots leased to residents who own the manufactured home on the lot. Revenue is primarily lot rent plus utility reimbursements; operating expenses are lower than apartments because the park operator does not maintain the interior of the homes. Turnover is extremely low because moving a manufactured home is expensive and disruptive.

Deals in the wizard range from small single-park acquisitions in the $1–$4M equity range to multi-park portfolios in the $10M+ range.

MHP disclosure usually covers a park description (lot count, home-ownership percentage, utility infrastructure — public versus private water and sewer), historical lot-rent and occupancy trends, a value-add thesis (rent-to-market, submetering, infill), and the local regulatory posture (rent-control ordinances, park-closure ordinances).

The risk library loads infrastructure-capital risk (aging private water / sewer systems can carry large unplanned capex), municipal-regulatory risk, and park-manager-reliance risk by default. The wizard encourages a candid framing of infrastructure condition since it drives outsized risk in the asset type.

MHP deals commonly run as Delaware LLCs offering Class A units under Rule 506(b) (many sponsors prefer the no-general-solicitation approach given the relationship-driven LP base) or Rule 506(c), with a 7–9% preferred return, a 60–70% LTV loan, and a 5–10-year hold.