Eastern Indiana Portfolio

Capstone Manufactured Housing is pleased to present the Eastern Indiana Portfolio consisting of 88 sites across two communities—Connersville North and Connersville South. These two communities are in Connersville, Indiana, which places them about an hour outside of Indianapolis, Dayton, and Cincinnati. Conveniently, they are located within three miles of each other, allowing for shared staffing and management. Additionally, they benefit from other operational efficiencies including having 100% tenant-occupied homes, as well as public water and sewer utilities with a newly implemented bill-back program. Currently operating at a 63% occupancy and nearly 0% delinquency, this portfolio features immediate upside in filling vacant sites along with rents that are approximately 20% less than the surrounding market competition. Furthermore, current ownership has also done a great job improving the curb appeal of the parks by completely repaving the roads, carrying out a hefty landscaping project, and successfully leased up three vacant lots in the past year. This offering provides investors with an opportunity to acquire two communities with rental upside on day one and strong operational characteristics.

Investment Highlights:

Upside in Filling Vacancy

Below-Market Rents & Public Utilities with Bill-Back

Recent Capital Improvements

100% Tenant-Occupied Homes

Close Proximity Allows for Shared Staffing

Direct Access to Indianapolis, Dayton, & Cincinnati