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STUDIO 168
Investor Presentation
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%
Net 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.

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Pueblo, Colorado
I-25 Corridor • 38.2544, -104.6091
Sunset Country
Pueblo, CO • Flagship Community
206
Total Lots
86%
Occupancy
28 vacant lots — primary infill target for near-term NOI growth
Oasis
Pueblo, CO • Cash Flow Anchor
161
Total Lots
95%
Occupancy
Highest occupancy in portfolio — stable, predictable income
La Vista
Pueblo, CO • Boutique Community
32
Total Lots
91%
Occupancy
Compact community with organic rent growth upside
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.

Projected NOI Growth
$2.9M
Year 1
$3.1M
Year 2
$3.3M
Year 3
$3.6M
Year 4
$3.8M
Year 5
5-Year NOI Growth +35%
Cash-on-Cash Return
7%
Year 1
7%
Year 2
7%
Year 3
8%
Year 4
9%
Year 5
8% Preferred Return Monthly Distributions
Capital Structure
$48.4M
Total Capital
Total Equity $26.5M
CMBS Debt (6.45% Fixed) $21.9M
GP Co-Investment (5%+)
Value Creation Waterfall
$2.9M
Current
NOI
+$885K
Lot
Infill
+$282K
Utility
Recapture
+$125K
POH
Conversion
$3.8M
Year 5
NOI
Total CapEx Investment $2.2M over 5 years
Market Analysis

Pueblo, Colorado

A resilient, diversified economy anchored by healthcare, education, and government — comprising 38% of total MSA employment.

🚑
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
8.1%
Share of Employment
🏫
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
~62,700
MSA Nonfarm Total
🏠
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
Below
State Avg Home Price
🏭
PuebloPlex — Emerging Industrial Hub (16,000 Acres)
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.
16,000
Acres
Growing
Blue-Collar Jobs
MHC-Aligned
Tenant Demographics
Pueblo MSA Employment Composition
Government
12,400
Education/Health
11,200
Trade/Transport
9,100
Leisure/Hosp.
6,800
Manufacturing
5,000
Construction
3,700
Source: BLS OEWS, May 2024 • Total MSA Nonfarm: ~62,700
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 POH-to-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 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.
Execution Roadmap

Five-Year Business Plan

A disciplined, phased approach to maximizing risk-adjusted returns while preserving downside protection at every stage.

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% Net IRR
Model Your Returns

Interactive Investment Calculator

Drag the slider to see projected returns at your investment level. Based on current underwriting assumptions.

$500K
$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%
Net IRR
Projections based on current underwriting assumptions. Actual results may vary. Not a guarantee of future performance.
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.
Who We Are

Studio 168 Track Record

A vertically integrated sponsor combining hands-on management expertise with institutional-grade reporting and investor alignment.

~10,000
Units
Across multiple states
$460M+
Portfolio Value
Assets under management
25+
Years Operating
Proven MHC track record
46
Active Communities
Nationwide portfolio
🛡️
Vertically Integrated
In-house property management through Silver Lands Management Group. Full control of operations, maintenance, leasing, and resident experience from day one.
🤝
Aligned Incentives
GP co-invests 5%+ of equity in every deal. 8% preferred return to LPs before any GP promote. We eat what we cook.
📊
Institutional Process
Rigorous 5-phase due diligence framework. Institutional-grade reporting. Monthly distributions and monthly investor updates with full financial transparency.
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
Onboarding90 Days Post-Close
Get Started

Ready to Invest?

Review the full investor deck below for detailed financials, property photography, market analysis, and risk disclosures.

Investor Deck
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Kristen Kealer
Investor Relations
kkealer@s168p.com
Sage Damiano
Investor Relations
sdamiano@s168p.com