Capstone Manufactured Housing is pleased to present the
Hawkeye Portfolio. This offering features 134 sites across three communities,
Waverly MHP, North St MHP, and Parkview MHP. Strategically located in the
Waterloo–Cedar Falls MSA, Waverly MHP and North St MHP are each less than 45
minutes away from each other. Both communities benefit from public utilities
that are direct billed to the residents, eliminating any costly utility
expenses associated with the parks. Parkview MHP also benefits from public
utilities, but the community pays for usage. New ownership can pass these
expenses back to the residents, which would increase the cash flow.
Furthermore, the portfolio operates at 78% occupancy with lot rents over $100
below the market average. By focusing on raising rents or filling the vacant
sites, an investor can increase the income significantly. Additionally, there
are 6.36 undeveloped acres at Waverly MHP, where 42 expansion sites have been
approved. At the current lot rents, this could increase the GPR by over
$170,000.This offering presents an opportunity to acquire three communities,
with rental upside and value-add opportunities.