Case Study

Tulare Royal Palms

Manufactured Housing Community • Tulare, CA

We purchased this age-restricted community off-market in 2019 through one of our close relationships in the manufactured housing industry. It featured a compelling amenities package for residents (including a swimming pool, clubhouse, and lending library), and was located within walking distance of parks, retail centers, and healthcare facilities.  After implementing our value-add plan, we exited the investment in 2021, selling the community to a national manufactured housing community operator which we hold in high regard.

Unit Count
96 lots

Acquisition Type
Value-add

Market Profile
Suburban

Purchase Price
$5,500,000

Sale Price
$10,200,000

Equity Multiple
2.3X

Resident Wins

New Signage
New Manufactured Homes
Resident Social Program

Investor Wins

35% IRR