Five communities across the Rio Grande Valley and Wichita Falls, partnered with a turnkey 522-home portfolio — 1,001 pads, one sponsor, one thesis. Offered for institutional recapitalization at $88.8M enterprise value, with embedded value-add already underwritten and a fully-reserved CapEx program.
New equity enters at a reasonable basis for a stabilizing Texas MHC portfolio — a clean entry into a value-add NOI path that's already underway.Deal Economics · December 2026
Debt is sized against the $88.8M enterprise value. New equity covers the balance plus closing costs, reserves, and the fully-reserved $3M CapEx program.
Two elements that define the deal — the $88.8M offering split between community real estate and the turnkey 522-home portfolio.
Concentrated Texas exposure across two complementary submarkets: three Rio Grande Valley communities delivering stabilized cash flow from a labor-driven border market, and two Wichita Falls assets with full-runway value-add upside in a supply-constrained North Texas submarket.
The affordability gap between a manufactured home lot and a single-family rental in both submarkets is the thesis. As long as SFR supply remains constrained and incomes lag home prices, the demand pool for an affordable, sticky pad is structurally underwritten by the market itself.
Border-trade economy anchors one of Texas' largest metropolitan areas. Population growth driven by US-Mexico logistics, regional healthcare (DHR Health, Doctors Hospital at Renaissance), and an agricultural production base. Three of five Lone Star properties sit here — Big Valley (Donna), Citrus Valley (McAllen), and First Colony (San Benito) — totaling 607 pads across stabilized and stabilizing communities.
Regional hub anchored by Sheppard Air Force Base — the largest Air Force training base in the country — and United Regional Healthcare. Military-driven rotational demand creates a constant pool of near-term renters. Two of five Lone Star properties sit here — Evergreen and Sunnyvale Estates — totaling 394 pads, both bumped to 80% occupancy at close (from today's 72%/65%) with 44%+ rent upside still available to market.
Housing cost data sourced from publicly available indices (Zillow, Redfin, Census ACS). Specific figures will be validated against submarket-specific pull data as part of institutional partner DD. The directional gap — MHC housing running 40–55% below SFR on an all-in basis — is consistent across both RGV and Wichita Falls, and is the durable demand-side thesis underwriting occupancy stickiness and scheduled rent growth.
| Property | Pads | Occupancy | In-Place Lot Rent | Market Rent | Notes |
|---|---|---|---|---|---|
Big Valley Donna, TX · Rio Grande Valley | 220 | 82% | $453 | $475 | Stabilized · 25% YoY NOI growth FY1→FY2 |
Citrus Valley McAllen, TX · Rio Grande Valley | 239 | 80% | $425 | $465 | Bumped to 80% at close · 9% rent upside · 99%+ collections |
First Colony San Benito, TX · Rio Grande Valley | 148 | 80% | $416 | $465 | Bumped to 80% at close · 12% rent upside · Freddie agency debt |
Evergreen Wichita Falls, TX · North Texas | 152 | 80% | $449 | $650 | Bumped to 80% at close · ~44% rent upside · full value add |
Sunnyvale Estates Wichita Falls, TX · North Texas | 242 | 80% | $458 | $650 | Bumped to 80% at close · highest absolute NOI upside |
| Rio Grande Valley Submarket Comps | |||||
Magnolia Village Donna, TX · Roots Management Group | ~180 | High | est. $525 | est. $550 | All-age · institutional owner · pool + clubhouse |
McAllen Mobile McAllen, TX · Roots Management Group | ~150 | High | est. $495 | est. $525 | Institutional ops · amenity-rich |
Shady Acres MHC & RV Resort Donna, TX · Roots Management Group | ~200 | High | est. $515 | est. $540 | Mixed MH + RV · recent capex |
El Valle de la Luna McAllen, TX · Inspire Communities | ~220 | High | est. $495 | est. $525 | Flexible MH + park model + RV sites |
| Wichita Falls Submarket Comps | |||||
Dry Creek Wichita Falls, TX · Roots Management Group | ~180 | High | est. $635 | est. $675 | Institutional owner · storm shelters · amenity set |
Plum Creek Wichita Falls, TX · Private owner · built 1969 | 95 | Mod | est. $425 | est. $475 | Older vintage · below-market in-place |
Colonial Park Wichita Falls, TX · Private owner | n/a | n/a | ~$350 | est. $425 | Lower-tier · Class C comp floor |
Subject rents reflect trailing in-place averages from current rent rolls; market rents are internal Silver Lands UW assumptions. Submarket comps are real named operators and communities in each submarket, sourced from public community websites (rootsmg.com, inspirecommunities.com), mobilehome.net listings, and regional market reports. Rent figures shown are estimates ("est.") based on publicly-referenced pricing; actual contract rents at competitor communities will be validated via full rent-comp survey during DD. Colonial Park rent reference ($350) sourced directly from MHVillage listings.
| Property | Sites | POH | Occ. | NOI '26 | NOI Y5 | Community Value | $/Pad | Y5 Cap |
|---|
Forecasts sourced directly from the original acquisition models using as-underwritten assumptions, with Year-1 2026 NOI bumped to reflect an 80% occupancy floor at close. Community-only portfolio NOI underwritten to grow from $2.71M in 2026 to $4.93M in 2031 (~1.8×), driven by rent-to-market execution and completed renovation programs. Returns analysis adds approximately $1.77M/yr of home-portfolio net income across all 522 homes (community on-balance-sheet plus GP-entity slices) on top of community NOI.
New equity enters at $88.8M enterprise value alongside new senior debt. Total new equity fully loads a 2% Organization & Syndication Fee at close, a formalized CapEx reserve with a 5% project management fee, and an annual 0.5% asset management fee paid from cash flow. 5-year hold, exit underwritten on Year 6 stabilized NOI. Returns below are net of all fees and reserves.
| Debt Structure | Equity Required | Downside 6.00% cap |
Base 5.50% cap |
Upside 5.00% cap |
MOIC · Base | Avg CoC |
|---|
Line-item revenue and operating expense build for each community plus the consolidated portfolio. Revenue breakdown follows standard MHC composition (site rent, POH rent, utility reimbursement, other); opex categories allocated using Texas MHC benchmarks. Stabilized NOI by year ties to the underwritten forecasts from the original acquisition models.
Revenue decomposition derived from in-place rent and market rent data by property; POH share scales with park-owned home count. Operating expense allocations use stabilized Texas MHC benchmarks — property taxes 24%, insurance 10%, payroll 18%, R&M 14%, utilities 10%, G&A 8%, property management 11%, marketing 5% of total opex. Value-add properties (Evergreen, Sunnyvale) show higher opex ratios in Y1-Y2 as occupancy stabilizes. All figures round to nearest $1K.
Four years ago we bought our first property. Today the platform owns 47 properties across eight states, backed by more than $270M in committed capital from 815 investors — built on vertically-integrated operations, institutional reporting, and a proprietary deal pipeline with every acquisition fully capitalized before signing.
Jeff Bennett and Jeff Mendez built the 5th largest MHC platform in the country as senior leadership at their prior organization, deploying $3B+ of capital across 240 communities in 25 states, raising multiple large value-add funds with top-tier institutional joint-venture partners.
| Transaction | IRR | MOIC |
|---|---|---|
| Joint Venture — Example 1 | 35.3% | 1.7× |
| Joint Venture — Example 2 | 38.0% | 1.9× |
| Joint Venture — Example 3 | 51.5% | 1.8× |
| Individual Disposition | 78.0% | 3.14× |
Reflects the founders' experience as owners or leaders of prior organizations. Does not reflect the performance of their individual asset portfolios and should not be construed as performance resulting solely from their efforts; the founders were supported by numerous individuals and had substantial institutional resources. The founders retain ownership in certain of those organizations, which could create certain conflicts of interest.
Four years ago we bought our first property. Today we own 47 across eight states with over $270M in capital behind us. That kind of growth doesn't happen by accident.Studio 168 Productions · Founders
Capital leadership from a 13-year Vivint veteran who scaled that business to $1B+. Operating leadership from a 20-year MHC operator who has sourced 20,000+ units. Backed by a deep bench of finance, revenue, operations, and investor relations professionals — all pulling for the same incentive.
Grew Vivint from $30M to $1B+ in revenue over a 13-year run, culminating in a Blackstone control investment and IPO. Brought that same relentless drive to manufactured housing, helping deploy $3B+ across 240 communities in 25 states. At Studio 168 Productions, drives capital strategy — cultivated the network of 815+ investors who've committed $270M+ to the platform — and leads the cultural backbone of the company, setting the standard for training, playbook development, and the internal systems that make the platform scale.
20-year manufactured housing veteran who started in the field and learned the business from the ground up. Sourced 20,000+ units across ~250 parks in 25 states and played a role in building the 5th largest MHC platform in the country. At Studio 168 Productions, spearheads operations across the 47-property portfolio — providing executive oversight to the operating team and driving the push that turns plans into performance. Also owns broker and seller relationships and architects the proprietary systems that let the platform onboard, stabilize, and scale communities at institutional pace.
Deloitte-trained with 15+ years structuring capital across PE, real estate, and transportation. Runs P&L execution across 47 properties, $52M+ in revenue, and $24M in NOI — and engineered the financing architecture behind $270M+ in committed capital. LIHTC, municipal P3s, and Opportunity Zones in the toolkit — structuring range few operators in MHC can match.
25+ years in manufactured housing, including senior leadership at ARC and Sun Communities where he oversaw multi-state portfolios of up to 140 communities and 20,000 home sites. At Studio 168 Productions, drives occupancy growth, NOI performance, and the "Green and Clean" standard — legacy communities average 88%+ occupancy under his leadership.
20+ year sales and revenue leader who scaled Vivint from regional upstart to national powerhouse. Owns the full leasing lifecycle across all 47 communities — marketing, lead generation, conversion, home sales. Accelerates stabilization across every community he touches and has built a high-velocity leasing machine that consistently hits occupancy targets ahead of plan.
20+ year Wall Street veteran with 12 years at Morgan Stanley. Runs the acquisitions and asset management engine at Studio 168 Productions — from sourcing and underwriting through close and ongoing performance across the entire $270M+ portfolio. Led every completed refinance the platform has executed, owning debt maturity management and balance sheet optimization across every community.
13 years building the financial systems behind Vivint's scale before moving into manufactured housing in 2019. Runs treasury, AP, payroll, and data integrity across all 47 properties — and architected the monthly close discipline that delivers on-time distributions and K-1s by March 15 every year. The financial backbone behind the platform's operational consistency.
With the team since before the first property closed in 2019. Ran point on The Collective — the $88.8M, 13-community, 420-investor raise that took the platform from regional operator to national scale. Today leads investor relations across $270M+ in committed capital and 815 positions — owning the full LP experience from subscription through monthly reporting and distributions.
18+ years leading operations in manufactured housing and multifamily. Currently oversees 11 communities and 3,000 units across 5 states — hitting 103% NOI to budget in 2025 while growing economic occupancy 8 points. Previously carried P&L accountability for a 10,000-site portfolio at Vineyards Management Group (110% NOI to budget across 70 communities in 10 states).
Silver Lands Management Group runs every property in-house — the 48% portfolio NOI margin is a direct reflection of that operating model. Over 100 site managers, maintenance techs, leasing agents, and regional operators across eight states. Dedicated Regional Managers live near their assets and walk every property monthly, keeping the standard consistent from market to market.
$88.8M in equity from 420 investor positions across 13 communities · 2,376 sites. $34M LP rollover capital. +450 units of occupancy growth in the 7 months post-close.
Jeff Bennett's 20-year broker network means we see deals before they hit the market. Proprietary Quick Screen framework scores every opportunity across 15+ criteria before underwriting — only the clearest value-creation theses make it through.
Average 45 days from LOI to close. Every acquisition fully capitalized before signing — reputation that earns first calls from brokers and trust from capital partners.
Proprietary AI-integrated software platform custom-built in-house — one system spanning acquisitions, underwriting, CapEx budgeting, asset management, and investor reporting. Real-time dashboards give LPs visibility from site-level operations to portfolio-wide performance. What used to take days now takes hours.
In-house DD application tracks hundreds of on-site inspection items with photo and geo-tagged findings. CapEx budgets built from real-world pricing and institutional pattern recognition — not broker estimates. Every deal gets the same rigor, every time.
Silver Lands runs every property in-house, with dedicated Regional Managers living near their assets and walking each property monthly. 48% NOI margin and 81% same-store occupancy are the direct output of owning the operating model end-to-end.
Every property tracked against operational leading indicators — not just trailing financials. Weekly site-level scorecards, monthly variance analysis against the original underwriting. The same dashboard the executive bench reviews is the one the field teams use.
Third-party accounting firm embedded with the team handles monthly close and sits inside the P&Ls. K-1s delivered by March 15 every year. Audit-ready financials and investor-ready reporting from day one — no scrambling at refinance or exit.
815 investors across 30+ entities with $270M+ committed to the platform. The Collective raise alone drew $88.8M in equity — proven ability to form capital at institutional scale without depending on a handful of writers.
NOI doesn't grow on its own. Every dollar of upside in the forecast depends on real work getting done — infrastructure repairs, amenity upgrades, and the homes we need to renovate and fill. So we sized the CapEx from the ground up by walking each property, then reserved the full budget at close. That way the money is there on day one, not something we have to manufacture later. The numbers come from what we actually see on the properties and what we've paid for similar scope on other Texas MHC deals.
| Property | Infrastructure | Roads & Drainage | Amenity | POH Renovation | Utilities | Marketing | Property Total |
|---|
| Year | CapEx | Contingency | Total | Primary Scope |
|---|
| Item | Basis | Amount | Timing |
|---|
Every recapitalization carries real execution, valuation, and market risks. Rather than minimize them, here's how we've thought through the four most material risks and what's structurally in place to mitigate each.
Evergreen and Sunnyvale Estates were underwritten to ~80% occupancy at close (up from today's 72% / 65%) and represent the largest portion of the Year-5 NOI bridge. Delivery of the underwritten Y5 stabilized cap depends on maintaining the 80% base and completing value-add work on schedule.
The deal is priced to a 7.3% Year-5 stabilized cap (on NOI net of $200K/yr reserves), which implies a lower cap rate on current NOI. Forward return depends on NOI growth materializing on schedule rather than on speculative rent expansion.
The turnkey 522-home portfolio introduces chattel-style complexity not typical of pure-land MHC transactions. Home maintenance, turnover, and chattel financing add moving parts compared to a rent-only play.
Portfolio is concentrated in two Texas submarkets: the Rio Grande Valley and Wichita Falls. Geographic concentration introduces exposure to Texas-specific economic or policy shocks.
Deeper analysis of the five underlying assets, the monthly operating pro forma, and the Studio 168 Productions sponsor platform is one click away — The Assets, The Returns, and The Sponsor tabs above.