
The principals of MHP Funds, LLC ("MHPF") and their affiliated companies are estimated to be one of the top 10 largest mobile home park owners in the country, with over 145 parks and 15,600 lots in 22 states. The principals have a 20-year track record of success in the mobile home park industry, and have more than 55 years of combined real estate investing experience. They have long established relationships with key market participants such as banks, insurance companies, real estate agents and brokers, and they are able to source attractive investments through their own popular MHPF listing websites. Their extensive experience in both the ownership and operation of mobile home parks makes them uniquely situated to quickly assess investments, determine their risks, evaluate possible turn-around plans and analyze future growth potential. They have established, proven systems for handling all aspects of mobile home park investing, and their backgrounds and relationships help them identify properties that minimize investment risk and maximize cash on cash returns for investors.
MHPF has developed a set of stringent acquisition criteria that addresses both strong cash flow from day one and adding value to each mobile home park through various means such as increasing rental rates and occupancy, reducing expenses, and improving the quality of the community. The overall objective for each property is to provide an excellent return on investment for both the principals and investors, while at the same time providing every resident with a safe and affordable place to live.
The principals of MHPF are recognized as industry leaders, highly regarded educators, and consultants, having authored books and written articles on mobile home parks, conducted mobile home park "boot camps" and educational seminars, and served as mentors and advisors to other mobile home park investors. They have also developed some of the most respected websites dedicated to the MHPF and RV park industries.
Performance of Prior Funds
Principals of MHPF have a strong track record in mobile home park investing that spans two decades. Since 2010, they have raised more than $77 million from private investors for eight similarly structured funds with an additional $50 million targeted for AHCF 6. However, as with any investment, past performance is no guarantee of future results.
- MHPS Alumni, LLC ("Alumni 1"): This fund was fully subscribed in May 2010. A total of $2 million of investor capital was raised and used to purchase 437 spaces in five parks located in Colorado, Nebraska, Kansas, and Wisconsin. To date, three parks have been sold (La Junta, CO; Crete, NE; and Black River Falls, WI) and two additional parks were purchased (a portion of Elsmere, KY, and a park in Platteville, WI).
- MHPS Alumni 2, LLC ("Alumni 2"): This fund was fully subscribed in October 2010. A total of $2 million of investor capital was raised and used to purchase all or portions of 595 spaces in five parks located in Illinois, North Dakota, and Oklahoma. In addition, the fund has purchased a portion of a park in Elsmere, KY.
- MHPS Alumni 3, LLC ("Alumni 3"): This fund was fully subscribed in June 2011. A total of $3 million of investor capital was raised and used to purchase all or portions of 985 spaces in 12 parks in Iowa, Minnesota, Wisconsin, Texas, North Dakota, Massachusetts, and Colorado. To date, two parks have been sold (New Braunfels, TX and Eau Clair, WI) and a portion of a park in Elsmere, KY has been purchased.
- Affordable Housing Community Fund 1, LLC ("AHCF 1"): This fund was fully subscribed in February 2012. A total of $5 million of investor capital was raised and used to purchase all or portions of over 1,700 spaces in 18 parks in Nebraska, Illinois, Kansas, Colorado, Minnesota, Iowa, Texas, and Kentucky.
- Affordable Housing Community Fund 2, LLC ("AHCF 2"): This fund was fully subscribed in October 2012. A total of $10 million of investor capital was raised and used to purchase all or portions of almost 2,100 spaces in 16 parks in Iowa, South Carolina, Oklahoma, Illinois, Kansas, Wisconsin, and Nebraska.
- Affordable Housing Community Fund 3, LLC ("AHCF 3"): This fund was fully subscribed in July 2013. A total of $10 million of investor capital was raised to purchase all or portions of over 2,000 spaces in 18 parks in states such as Washington, North Dakota, Texas, Indiana, Missouri, Illinois, and Nebraska.
- Affordable Housing Community Fund 4, LLC ("AHCF 4"): This fund was fully subscribed at the end of July 2014. A total of $20 million of investor capital was raised to purchase all or portions of 4,000 spaces in 41 parks in states such as Wisconsin, Texas, Iowa, Indiana, Missouri, Illinois, Michigan, Nebraska, Minnesota, Kansas, South Carolina, North Dakota, New Mexico and Colorado.
- Affordable Housing Community Fund 5, LLC ("AHCF 5"): This fund was fully subscribed at the end of May 2015. Since its launch, AHCF 5 now owns all or portions of 4,700 spaces in 37 parks in 16 states (additional parks were still being acquired at the time of this snapshot).
PARAMETER | ALUMNI 1 | ALUMNI 2 | ALUMNI 3 | AHCF 1 | AHCF 2 | AHCF 3 | AHCF 4 | AHCF 5** |
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Date Fully Subscribed | May 2010 | Oct. 2010 | June 2011 | Feb. 2012 | Oct. 2012 | July 2013 | July 2014 | May 2015 |
Investor Capital Raised ($) | $2,000,000 | $2,014,500 | $3,000,000 | $5,000,000 | $10,000,000 | $10,000,000 | $20,000,000 | $25,000,000 |
Investor Capital Returned ($) | $450,000 | $0 | $150,000 | $0 | $0 | $0 | $0 | N/A |
Unreturned Investor Capital ($) | $1,550,000 | $2,014,500 | $2,850,000 | $5,000,000 | $10,000,000 | $10,000,000 | $20,000,000 | N/A |
Current Number of Parks Owned (Fully or Partially) | 4 | 5 | 9 | 15 | 13 | 14 | 41 | 37 |
Current Number of Mobile Home Park Lots (Ownership % Adjusted) | 372 | 492 | 502 | 780 | 1,192 | 1,109 | 2,690 | 2,551 |
Estimated Current Occupancy (%) | 88% | 85% | 78% | 84% | 89% | 84% | 76% | 73% |
DATE OF DISTRIBUTION | TYPE | ALUMNI 1 | ALUMNI 2 | ALUMNI 3 | AHCF 1 | AHCF 2 | AHCF 3 | AHCF 4 | AHCF 5 |
---|---|---|---|---|---|---|---|---|---|
2010 Q3 | Distribution | 12.2% | |||||||
2010 Q4 | Distribution | 12.8% | |||||||
2011 Q1 | Distribution | 10.0% | 10.0% | ||||||
2011 Q2 | Distribution | 10.0% | 10.0% | ||||||
2011 Q3 | Distribution | 10.0% | 10.0% | 10.0% | |||||
2011 Q4 | Distribution Capital Return |
10.0% 10.0% |
10.0% | 10.0% | |||||
2012 Q1 | Distribution | 11.1% | 10.0% | 10.0% | 10.0% | ||||
2012 Q2 | Distribution | 11.1% | 10.0% | 10.0% | 10.0% | ||||
2012 Q3 | Distribution | 13.3% | 10.0% | 10.0% | 10.0% | ||||
2012 Q4 | Distribution Capital Return |
10.0% 13.9% |
10.0% | 10.0% | 10.0% | 10.0% | |||
2013 Q1 | Distribution | 11.6% | 10.0% | 10.0% | 10.0% | 10.0% | |||
2013 Q2 | Distribution | 10.1% | 10.0% | 10.0% | 10.0% | 10.0% | |||
2013 Q3 | Distribution | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | ||
2013 Q4 | Distribution | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | ||
2014 Q1 | Distribution | 12.6% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | |
2014 Q2 | Distribution Capital Return |
12.6% | 11.5% | 12.0% 5.0% |
10.0% | 10.0% | 10.0% | 10.0% | |
2014 Q3 | Distribution | 11.3% | 10.5% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | |
2014 Q4 | Distribution | 10.0% | 10.0% | 10.7% | 10.0% | 10.0% | 10.0% | 10.0% | |
2015 Q1 | Distribution | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% |
2015 Q2 | Distribution | 12.5% | 12.0% | 11.5% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% |
*As with any investment, past performance is no guarantee of future results.
** Additional parks were still being acquired at the time of this snapshot.
***As with any investment, past performance is no guarantee of future results. Distribution %'s are pre-Realty Mogul's fees.
MHPs Sold Since 2011
The tables below give details on MHPs the Sponsor has sold since 2011. Please note that the Sponsor makes decisions at both the individual park and the overall fund level, and may make the decision to sell an underperforming park earlier than anticipated in order to focus time and capital on other parks in the fund to maximize overall fund and investor returns.
Summary of Parks Sold(1)
(1) Average Time Invested is a weighted average using the purchase price
Breakdown of Sold Parks

Park Name | Location | Status | (Est.) Closing Date | AHCF 6 Projected Ownership (approx) | Purchase Price | Total Spaces | Occupancy |
---|---|---|---|---|---|---|---|
Horning MHP | Fairfield, OH | Acquired | 9/15/2015 | 50% | $1,000,000 | 82 | 100.0% |
Green Hills | Riverside, MO | Under Contract | 9/29/2015 | 50% | $1,225,000 | 52 | 92.3% |
Beloit MHP | Beloit, WI | Under Contract | 10/01/2015 | 45% | $1,465,000 | 70 | 82.9% |
St Croix Meadows Storage, RV and MHP | Houlton, WI | Under Contract | 10/15/2015 | 50% | $1,300,000 | 56 | 87.5% |
WI Portfolio (1) | Various, WI, MI, MN | Under Contract | 12/15/2015 | 70% | $137,300,000 | 5,281 | 84.3% |
(1) A pro forma for this transaction can be found as an attachment on the Financials tab
Based on the characteristics of properties previously purchased by MHPF (2010-2015), and the types of properties MHPF is currently seeing in the market, the investment criteria below outlines the typical profile for a mobile home park property that could be acquired for this fund.
Parameter | Approximate Value | Sponsor Notes |
---|---|---|
Price per Lot ($) | $18,000 |
|
Loan-to-Value | 70% |
|
Utilities: Water and Sewer | City services |
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Utilities: Gas and Electric | Not master-metered |
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Metro Population | 10,000 to 2 million+ |
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Location | Midwest and Great Plains regions |
|
Age/Condition of Homes | Mix of newer and older, in average to good condition |
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Tenant vs. Park-Owned Homes | Mostly tenant-owned |
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Amenities | Few to none |
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Occupancy | 70%+ |
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Permit Status | Only legally permitted |
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Going-in Cap Rate | 8-10%+ |
|
Going-in Cash-on Cash (CoC) | 10-15%+ |
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Timeframe | 5-10 years |
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