Hello - I am looking into a syndication deal for a mobile home park with Boa Vida group, which is led by Elias Weiner. Apparently, Elias is the 15th largest owner/operator of MHP’s in the US. Does anyone have experience with Eli or Boa Vida as an investor, and if so could you provide some feedback? Thanks!
I don’t have experience with Eli. Seems like a good dude that has done quite well for himself out West before most everyone else caught onto the MHC space. Now trying to expand into markets that I think he will find to be quite difficult.
I personally wouldn’t invest in that deal though (sorry @Jefferson). Great real estate, which I’d love to own…at the right price point. But at a 4.7% cap rate on my numbers…in Wichita? Too much. Biz plan is to infill new homes and raise rents in one of the most affordable housing markets in the nation. Rents for brand new 3/2 homes are only asking $750 nearby. The pref at 7% is also quite marginal.
Better deals out there IMHO.
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I looked at this deal as well. It’s a great asset and no doubt will make money for investors.
My one question is around the exit. Obviously no one can predict the future but I would be interested to hear people’s thoughts on the assumptions for an exit in year 10: 6.5% cap rate and >$62,000 per pad for the Wichita, KS market. In a normalized rate environment (assuming we ever get there), what would cap rates for Class A/B parks be? @frankrolfe, I’d love to hear your thoughts.
