Now Accepting Investors
Sunset Vista Estates
A 399-lot manufactured housing portfolio on Colorado's I-25 corridor. Immediate cash flow. Institutional grade. Multiple paths to value creation.
0%
IRR
0x
Equity Multiple
0%
Year 1 Cash Yield
0%
Y1 Depreciation
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The Opportunity
A Stabilized Portfolio,
Institutional Grade
$40.8M
Purchase Price
Land + 196 Park-Owned Homes
$26.5M
Total Equity
$150K Minimum Investment
90%
Portfolio Occupancy
360 of 399 Lots Occupied
45%
Loan-to-Cost
$21.9M CMBS at 6.45% Fixed
Portfolio Overview
Three Communities, One Vision
Located along Colorado's I-25 corridor in Pueblo, each community serves a distinct role in the portfolio's risk-adjusted return profile.
Flagship Community
Sunset Country
Pueblo, CO
206
Total Lots
86%
Occupancy
Primary infill target for near-term NOI growth
Cash Flow Anchor
Oasis
Pueblo, CO
161
Total Lots
95%
Occupancy
Highest occupancy in portfolio — stable, predictable income
Boutique Community
La Vista
Pueblo, CO
32
Total Lots
91%
Occupancy
Compact community with organic rent growth upside
Why This Deal
Four Pillars of Conviction
01
Below-Market Basis with Built-In Downside Protection
At $75K per lot, the portfolio trades well below replacement cost and recent comparable transactions. Conservative 45% LTC with $21.9M CMBS assumption and 90% in-place occupancy provide a meaningful equity cushion from day one.
02
Multiple Levers for Near-Term Value Creation
15 vacant lots ready for infill (+$885K NOI), 75%+ utility recapture (+$282K), and a structured park-owned-home (POH) to tenant-owned-home (TOH) conversion program that simultaneously reduces operating expense and transfers maintenance liability.
03
Recession-Resilient Demand Drivers
Manufactured housing is the most affordable form of homeownership. Pueblo's employment base is anchored by healthcare, education, and government (38% of jobs) — sectors that historically outperform during market downturns.
04
Significant Tax Efficiency
80% estimated Year 1 depreciation through cost segregation and bonus depreciation on 196 park-owned homes, site infrastructure, and land improvements. Material after-tax return enhancement for qualifying investors.
Investment Terms
Aligned Interests, Transparent Structure
EntitySunset Vista Estates Investors 168 LLC
Preferred Return8%
GP Promote20% above pref
Asset Mgmt Fee1.5%
GP Co-Investment5%+ of equity
Minimum Investment$150,000
Distribution FrequencyMonthly
Distribution Start Date90 Days Post-Close
Key Documents
Investor Document Hub
Investor Pitch Deck
Full presentation with deal overview, market analysis, and returns summary
View Deck →
Financial Model
5-year pro forma, debt schedule, LP/GP waterfall, and exit scenarios
Open Model →
PPM & Subscription
Private placement memorandum and subscription agreement
Available Upon Request
Model Your Returns
Interactive Investment Calculator
Drag the slider to see projected returns at your investment level. Based on current underwriting assumptions.
$35,000
Year 1 Distributions
7% Cash-on-Cash
$190,000
5-Year Cash Flow
Cumulative distributions
$1.05M
Total Return
2.1x MOIC
18%
IRR
Based on current underwriting
Projections based on current underwriting assumptions. Actual results may vary. Not a guarantee of future performance.
Ready to Invest?
Review the full investor deck, explore the financial model, and schedule a call to discuss the opportunity.
Schedule a CallStudio 168 Productions
Sunset Vista Estates
399-Lot Manufactured Housing Portfolio • Pueblo, Colorado
3-Community Acquisition • 5-Year Hold • I-25 Corridor
18%
IRR
2.1x
Equity Multiple
7%
Year 1 Cash Yield
80%
Y1 Depreciation
Projected NOI Growth
Y1
Y2
Y3
Y4
Y5
5-Year Growth+35%
Cash-on-Cash Yield
Y1
Y2
Y3
Y4
Y5
8% Preferred ReturnMonthly Distributions
Capital Structure
$48.4M
Total
LP Equity
$26.5M
$150K minimum
CMBS Assumption
$21.9M
45% LTC • 6.45% fixed
Value Creation Waterfall
$2.85M
Current NOI
+$885K
Lot Infill
+$282K
Utility Recap
+$125K
POH Conv
$3.84M
Y5 NOI
CapEx Investment$2.2M over 5 years
Portfolio Composition
Sunset Country
206 lots
86%
178 occupied • 28 vacant lots • Primary infill target
Oasis
161 lots
95%
153 occupied • Highest occupancy • Stable cash flow anchor
La Vista
32 lots
91%
29 occupied • Boutique community • Rent growth upside
Total Lots 399
Occupied 360
POH Units 196
POH Occ 88%
Blended Occupancy 90%
Investment Terms
EntitySunset Vista Estates Investors 168 LLC
Preferred Return8%
GP Promote20% above pref
Asset Mgmt Fee1.5%
GP Co-Investment5%+ of equity
Minimum Investment$150,000
Distribution FrequencyMonthly
Distribution Start Date90 Days Post-Close
Investment Thesis
Below-Market Basis
$75K per lot vs $95K+ market comps. Conservative 45% LTC with $21.9M CMBS assumption and 90% in-place occupancy.
Multiple Value Levers
15-lot infill, 75%+ utility recapture, POH-to-TOH conversion, and organic rent growth across all 3 communities.
Recession-Resilient
Affordable housing with 90% occupancy, heavy TOH mix. Employment anchored by healthcare, education, and government (38% of jobs) — sectors that outperform during downturns.
Ready to Invest?
Review the full investor deck for detailed financials, property photos, market analysis, and risk disclosures.
Kristen Kealer • kkealer@s168p.com
|
Sage Damiano • sdamiano@s168p.com
Presentation
Investor Pitch Deck
Market Intelligence
Pueblo, Colorado
A resilient, diversified economy anchored by healthcare, education, and government — comprising 38% of total MSA employment.
170K
MSA Population
$65K
Median Income
$614
Avg MHC Lot Rent
$1,137
Avg Apartment Rent
Chapter 1: The Opportunity
Why Pueblo, Colorado represents a compelling MHC investment
Investment Thesis
The core case for Pueblo as a manufactured housing market
Why Pueblo Works
Pueblo combines permanent structural tailwinds with exceptional cost-of-living arbitrage. The market is fueled by military spillover (Fort Carson 26,000+ personnel), Colorado Springs cost pressure (Pueblo rents 37–50% below COS), and robust employment growth in healthcare, manufacturing, and government. With zero new MHC supply planned and median lot rents capturing just 54% of apartment rent levels, professionally managed communities achieve above-market returns while delivering meaningful affordability to quality-conscious tenants.
Market Snapshot
Key fundamental indicators at a glance
170K
MSA Population
$65K
Median Household Income
17.5%
Poverty Rate
$257K
Home Price (Median)
9.2%
MF Vacancy Rate
6.4%
Unemployment Rate
The Affordability Advantage
MHC offers 46% savings vs. market apartment rents — the #1 value driver
Rent Comparison: MHC vs. Apartments
MHC Lot Rent (Pueblo Avg)
1-Star & 2-Star Apts
Market Average (All)
3-Star Apartments
4-Star & 5-Star Apts
THE AFFORDABILITY STORY
MHC residents save 46% on rent versus the market average ($614 vs $1,137). At $614/mo, lot rent represents just 11% of median household income vs 21% for apartments — creating durable, recession-proof demand.
Cost of Living Positioning
Pueblo ranks among the most affordable metros in the region
Cost of Living Index (US = 100)
Chapter 2: Demand Drivers
Who’s moving to Pueblo and why
Demand Drivers
Why Pueblo Works
Healthcare Hub
Parkview Medical Center and St. Mary-Corwin Hospital anchor a healthcare sector that runs nearly 2 points above the national average as a share of local employment.
11,200
Healthcare Jobs
Education & Government
Colorado State University-Pueblo, Pueblo Community College, School District 60/70, and county/federal offices provide a stable employment base resilient to economic cycles.
12,400
Government Jobs
Housing Affordability
Median home prices in Pueblo remain well below the Colorado state average, creating durable demand for manufactured housing as the most affordable homeownership option.
$75K
Per Lot Basis
Pueblo MSA Employment Composition
Source: BLS OEWS, May 2024 • Total MSA Nonfarm: ~62,700
Military Spillover Effect
Fort Carson, Peterson, Schriever generate persistent demand
Military Housing Arbitrage
Fort Carson’s 26,000+ personnel and families face a critical housing decision: pay $2,200/month BAH shortfall for on-base housing or relocate 18 miles to Pueblo for MHC at $614/month. For E-5 and E-6 ranks, Pueblo MHC represents $1,600+ monthly savings. Military families value stability, on-time payment reliability, and rules-based communities — MHC strengths.
Growth Catalyst — PuebloPlex Industrial Hub
16,000
Acres
Growing
Blue-Collar Jobs
MHC-Aligned
Tenant Demographics
Former U.S. Army depot redeveloped as PuebloPlex — a 16,000-acre industrial campus. Anchor tenants: Voyager Technologies (defense manufacturing), MxV Rail (hyperloop testing), Swisspod Technologies (hyperloop track). Combined with CS Wind, Collins Aerospace, and the PEDCO pipeline, Pueblo is building a critical mass of blue-collar manufacturing jobs aligned with MHC tenant demographics.
Chapter 3: Competitive Landscape
What’s being built, priced, and rented in Pueblo
MHC Rent Comps — Pueblo, Colorado
Subject property benchmarking against local market
| Community | Lot Rent | Gated? | Notes |
|---|---|---|---|
| Casa Del Sol | $625 | Yes | Est. 180 lots. Professional operator. South Pueblo. |
| Sunset Country (Subject) | $614 | Yes | 206 lots. Gated, professional management. Premier south Pueblo location. |
| Oasis (Subject) | $605 | Yes | 161 lots. Gated, modern amenities, stable occupancy. |
| La Vista Terrace (Subject) | $620 | Yes | 32 lots. South Pueblo. Family-oriented. Gated security. |
| Countryside Properties | $595 | No | Est. 290 lots. Traditional, open-entry. East Pueblo. |
| Pueblo Pointe | $640 | Partial | Downtown-adjacent. Higher rents. Higher crime exposure. |
Apartment Market Analysis
CoStar star-rating data: direct rental competition
| Star Rating | Avg Rent | Vacancy | Inventory | YoY Change |
|---|---|---|---|---|
| 1-Star (Budget) | $745 | 8.1% | ~1,200 | -2.3% |
| 2-Star (Economy) | $906 | 9.4% | ~1,800 | -1.8% |
| 3-Star (Mid-Market) | $1,351 | 8.9% | ~2,100 | -2.1% |
| 4-Star (Upper-Mid) | $1,520 | 9.5% | ~1,400 | -2.4% |
| 5-Star (Luxury) | $1,765 | 10.2% | ~660 | -2.8% |
| All Apartments (Avg) | $1,137 | 9.2% | ~8,160 | -2.1% |
Supply Pipeline
Competitive moat: zero new MHC development planned
0
Under Construction
0
Planned (1–2 yrs)
0
Announced (3+ yrs)
Zero Competitive Supply Pipeline
Pueblo’s MHC market has zero units under construction, planned, or announced. Zoning constraints, development costs, and NIMBY resistance create formidable barriers. This structural scarcity is the #1 macro tailwind: pricing power and occupancy stability for existing operators.
Chapter 4: Investment Fundamentals
Transactions, valuations, and capital flows
Recent Sales & Transaction Comps
Multifamily transaction volume and pricing trends
| Property | Units | Sale Price | Price/Unit | Year |
|---|---|---|---|---|
| Briarwood Apartments | 124 | $12.1M | $97.6K | 2022 |
| Casa Del Sol (MHC) | 86 | $8.4M | $97.7K | 2021 |
| Vinewood Apartments | 96 | $9.2M | $95.8K | 2021 |
Transaction Volume by Year
Market Recovery & Timing
Transaction volume shows strong recovery ($24.6M → $38.7M projected). Price/unit stable at $95–98K, supporting valuation confidence. Current entry timing (2025–2026) is favorable — buyer interest rising, pricing stable, leverage improving, and risk/reward attractive.
Chapter 5: Risk Assessment
Honest evaluation of market headwinds and mitigation
Crime & Safety — Subject Properties
81005 Zip Code (Beulah Heights / SW Pueblo) — Location advantage
A / 13th %ile
Sunset Country (81005)
A / 13th %ile
Oasis (81005)
A / 13th %ile
La Vista Terrace (81005)
81005 Zip Code: A-Rated Safety Zone
The 81005 zip code where all three subject properties are located scores an A rating on CrimeGrade — ranking in the 13th percentile nationally (safer than 87% of U.S. zip codes). Violent crime in 81005 is 45–55% below Pueblo city average. Properties are NOT in the high-crime areas that drive Pueblo’s negative perception.
Tailwinds & Headwinds Summary
Balanced assessment of positive and negative factors
Tailwinds (Positive)
- Zero MHC Supply Pipeline: No new competitive supply planned in 1–3+ year horizon.
- Fort Carson Military Spillover: 26,000 military + families drive persistent demand.
- Colorado Springs Cost Arbitrage: Pueblo lot rents 37–50% below COS.
- 46% MHC Cost Advantage: $614 lot rent vs $1,137 apartment.
- Employment Growth: +2.8% YoY outpacing state/national averages.
- 81005 Zip Code: A-rated / 13th percentile safety zone. Crime 50–65% below city avg.
Headwinds (Negative)
- City-Wide Crime Rates: Violent crime 1,424 per 100K (bottom 5% nationally).
- Elevated Unemployment: 6.4% vs state 4.2%, national 4.0%. Trend improving.
- Below-Average Incomes: Median HHI $65K vs US $75K (13% below).
- Apartment Market Softness: -2.1% YoY rent decline, 9.2% vacancy.
- Limited Institutional Capital: 96% local buyer composition.
- Regional Economic Concentration: Healthcare/govt/mfg represent 65%+ of employment.
Net Risk / Reward Assessment
Tailwinds outweigh headwinds on balance. Tailwinds are structural and long-duration (supply scarcity, military spillover, cost arbitrage). Headwinds are primarily demographic/cyclical and increasingly mitigated through operational excellence. Zero supply pipeline is an exceptional competitive advantage. Well-managed, well-located properties achieve above-market risk-adjusted returns.
Sources: U.S. Census Bureau, BLS, CoStar Group, Redfin, CrimeGrade / FBI UCR, Colorado Dept. of Economic Development, Subject Property OM, RentManager • All data 2024–2025 vintage.
Financial Projections
A Clear Path to Value
Conservative underwriting with multiple upside levers. Year 1 cash flow from day one, with 35% projected NOI growth over 5 years.
18%
IRR
2.1x
Equity Multiple
7%
Year 1 Cash Yield
80%
Y1 Depreciation
Projected NOI Growth
5-Year NOI Growth+35%
Capital Structure
$48.4M
Total Capital
LP Equity ($150K Min)
$26.5M
CMBS Assumption (6.45% Fixed)
$21.9M
GP Co-Investment (5%+)
Included
Value Creation Waterfall
$2.9M
Current
NOI
NOI
+$885K
Lot
Infill
Infill
+$282K
Utility
Recapture
Recapture
+$125K
POH
Conversion
Conversion
$3.8M
Year 5
NOI
NOI
Total CapEx Investment: $2.2M over 5 years
5-Year Pro Forma Summary
| Metric | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
|---|---|---|---|---|---|
| Occupancy | 87% | 91% | 94% | 95% | 95% |
| Blended Lot Rent | $630 | $662 | $695 | $730 | $766 |
| Net Operating Income | $2.9M | $3.1M | $3.3M | $3.6M | $3.8M |
| Operating Margin | 67% | 67% | 68% | 68% | 69% |
| Cash-on-Cash Return | 7% | 7% | 7% | 8% | 9% |
| Depreciation (Y1) | 80% Estimated | ||||
| DSCR | 2.0x | 2.7x | 2.6x | 2.7x | 2.9x |
| Cap Rate (Implied) | 7% | 8% | 9% | 9% | 10% |
Cash-on-Cash Yield Progression
8% Preferred ReturnMonthly Distributions
Occupancy Ramp
15 Infill Lots Available90% → 95%
Lot Rent Growth Trajectory
$630
Y1
$662
Y2
$695
Y3
$730
Y4
$766
Y5
Blended Lot Rent Growth+22% over 5 years
5-Year Business Plan
Year 1 — Stabilize & Onboard
Operational Takeover & Revenue Foundation
Complete 90-day property onboarding. Implement Silver Lands management systems. Begin lot rent adjustments to market. Launch utility recapture billing. Establish resident communication channels.
Target: 7% CoC • 92% Occupancy
Year 2 — Infill & Optimize
Active Lot Fill & Expense Reduction
Begin infilling 15 vacant lots with new or relocated homes. Execute Phase 1 POH-to-TOH conversions. Achieve full utility recapture across portfolio. Complete Phase 1 capital improvements.
Target: 7% CoC • 95% Occupancy
Year 3 — Maximize NOI
Full Stabilization & Cash Flow Peak
Complete remaining infill. Achieve market-rate rents across all communities. Finish POH conversion program. Portfolio operating at peak efficiency with 35%+ NOI growth from acquisition basis.
Target: 7% CoC • 95% Occupancy
Year 4 — Harvest & Optimize
Peak Cash Flow & Long-Term Positioning
Maximize investor distributions from fully stabilized operations. Evaluate refinance opportunities to reduce cost of debt or return capital. Continue driving operational efficiencies across all three communities.
Target: 8% CoC • 95% Occupancy
Year 5 — Refinance & Return Capital
Refinance to Return Investor Capital
Execute cash-out refinance at stabilized NOI to return a significant portion of investor equity. Portfolio continues generating strong distributions as a long-term hold with materially reduced basis.
Target: 2.1x MOIC • 18% IRR
Sensitivity Analysis
IRR by Exit Cap Rate & Rent Growth
| 3% Rent Growth | 5% Rent Growth BASE CASE | 7% Rent Growth | |
|---|---|---|---|
| 7.5% Exit Cap | 15.2% | 16.8% | 18.5% |
| 7.0% Exit Cap BASE | 16.4% | 18.0% | 19.8% |
| 6.5% Exit Cap | 17.8% | 19.5% | 21.2% |
Equity Multiple (MOIC) by Exit Cap Rate & Rent Growth
| 3% Rent Growth | 5% Rent Growth BASE CASE | 7% Rent Growth | |
|---|---|---|---|
| 7.5% Exit Cap | 1.82x | 1.95x | 2.08x |
| 7.0% Exit Cap BASE | 1.94x | 2.10x | 2.25x |
| 6.5% Exit Cap | 2.08x | 2.26x | 2.44x |
Downside Case
At 3% rent growth and 7.5% exit cap, investors still achieve a 15.2% IRR and 1.82x MOIC — well above the 8% preferred return threshold.
Base Case
5% annual lot rent growth with a 7.0% exit cap rate delivers a 18% IRR and 2.1x equity multiple over the 5-year hold.
Upside Case
At 7% rent growth and 6.5% exit cap, returns reach 21.2% IRR and 2.44x MOIC — driven by accelerated infill and cap rate compression.
Operator Track Record
~10K
Units Under Management
$460M+
Portfolio Value
25+
Years Operating
46
Active Communities
Performance Context
How MHC Compares to Other Asset Classes
Manufactured housing communities have consistently outperformed traditional real estate and public market benchmarks on a risk-adjusted basis.
🏡
Sunset Vista MHC
18%
Projected IRR
2.1x
MOIC
🏢
Traditional Multifamily
12%
Avg IRR
1.6x
MOIC
📈
S&P 500
10%
Avg Annual Return
1.5x
5-Year Multiple
📦
Self-Storage
13%
Avg IRR
1.7x
MOIC
🏧
10-Yr Treasury
4.3%
Current Yield
1.2x
5-Year Multiple
Sources: NCREIF, Bloomberg, Dataquest MHC Index. Multifamily and self-storage represent 5-year value-add benchmarks. Past performance is not indicative of future results.
Full Financial Model & Sensitivity Analysis
5-year pro forma, debt schedule, LP/GP waterfall, and exit scenarios
→
Seller Financials
Trailing 12 — Seller T-12s
Operating statements provided by the seller for each of the three communities. Source documents underlying our underwriting.
Sunset Country — T-12 P&L
Trailing-12-month operating statement for the 206-lot flagship community
Open T-12 →
Oasis — T-12 P&L
Trailing-12-month operating statement for the 161-lot cash flow anchor
Open T-12 →
La Vista Hills — T-12 P&L
Trailing-12-month operating statement for the 32-lot boutique community
Open T-12 →