Ohio MHP Portfolio

Columbus, OH MSA | Off-Market Acquisition | June 2023


This two mobile home park portfolio was our final Fund 3 acquisition, bringing the Fund’s day one equity to an impressive $21 million for investors. We purchased this property with a significant margin of safety in the very solid Columbus, Ohio MSA.  

About the Project

A portfolio of two institutional-grade mobile home parks, ideally located in the suburbs of Columbus, where there has recently been $6.76 Billion invested into the downtown area. These parks are positioned to meet the high demand for affordable housing in the area with a 92% combined occupancy rate, with a significant amount of room to run for increasing our investors’ upside through rent increases and light value-add. 

The Challenge

Our strategy for the Columbus Ohio MHP Portfolio includes our proprietary value-add approach, focused on increasing operational efficiencies and market rent adjustments. The parks currently operate with rents 30% below market rates, presenting a substantial opportunity for immediate upside. By implementing utility billing and other operational improvements, we aim to significantly enhance the portfolio’s value without the need for extensive infill processes.

The Plan:

With planned improvements, we project a substantial increase in the portfolio’s value over the next few years.

Key elements of our plan include:

  • Market Rent Adjustments: Gradually increasing 30% below market rents to market rates, immediately increasing the property’s cash flow – with regular boosts through subsequent increases. 
  • Operational Efficiencies: Implementing utility billing and installing our state of the art on-site property management team to tackle much-needed operational and managerial upgrades with the property, reducing operational costs and increasing net operating income.
  • New Construction Potential: Potentially utilizing 25 vacant lots for new construction to further boost occupancy and revenue.

Additionally, we’ve secured favorable financing terms, ensuring strong cash flow from the outset. These terms, combined with our planned improvements, position the Columbus Ohio MHP Portfolio as a highly lucrative investment, promising both immediate returns and long-term growth.

The Outlook

Situated in a region with burgeoning demand for affordable housing, the Columbus Ohio MHP Portfolio stands out as an irreplaceable asset. Between the recent multibillion dollar investments into the downtown area, the instant equity generated upon acquisition, the 30% below market rents and the upside potential that comes with operational inefficiencies – this portfolio exemplifies the type of long-term, legacy wealth building deals that have come to characterize the Sunrise Capital Investors approach. 

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