The property, featuring 120 lots in an attractive suburban layout, spanned over 30 acres, presented an exceptional value-add opportunity upon acquisition. The asset was owned by a larger operator that was selling the asset as part of a larger forced sale from a lender’s pool of assets. The property had low rental rates, high expenses, and below-market occupancies on park owned homes. We saw an opportunity to create value through effective management and strategic renovations. Our experienced management team implemented interior renovations on park owned homes, common area upgrades and cost control efficiencies to maximize the asset’s operations. Within less than 3 years of the acquisition, we had increased the net operating income by approximately 30%. Upon closing of the sale in September 2016, the IRR was approximately 20%, with an equity multiple of 2.0x on a 3-year hold of the asset. * NO. OF LOTS: 120 * ACQUISITION DATE: ACQUISITION DATE: April 2013 * ACQUISITION PRICE: $150,000 * RENOVATION COSTS: $50,000 * HOLD PERIOD: 36 months * LEVERED IRR: 20% * PROJECT LEVEL EQUITY MULTIPLE: 2.0x