Ponderosa RV Park

<p><span style="color: rgba(33, 37, 41, 1)">Sunstone Real Estate Advisors is pleased to present the opportunity to acquire a two-park, 186-site manufactured housing portfolio offering a diversified mix of tenant-owned homes, community-owned rentals, and RV sites.​ Overall, the portfolio is currently approximately 63% occupied with average lot rents of approximately $427/month, providing a balanced profile of in-place cash flow and value-add potential.​ With an established operating base and multiple revenue streams, the asset offers both immediate income and scalability through lease-up.​ The portfolio also presents an opportunity to convert community-owned homes into Lease-to-Own agreements, preserving tenants’ existing rent obligations while shifting maintenance responsibilities and generating an attractive yield on cost.​</span></p><p></p><p><span style="color: rgba(33, 37, 41, 1)">This offering features substantial upside through the infill of 40 vacant sites, enabling a phased lease-up strategy without the need for additional development.​ Projected occupancy is expected to increase to nearly 82% by stabilization, supporting meaningful revenue growth.​ Additional upside is driven by below-market rents, with consistent annual rent increases positioning average rents to grow from approximately $427 to $487/month.​ Ancillary income streams, including utility reimbursements and other charges, further enhance total revenue and operational leverage.​</span></p><p></p><p><span style="color: rgba(33, 37, 41, 1)">Financially, this portfolio offers a compelling blend of current yield and forward-looking growth.​ In-place operations generate positive cash flow today, with Net Operating Income projected to grow from approximately $44K to over $740K by year 3, driven by occupancy gains and rent growth.​ Expense ratios are expected to compress significantly—from approximately 93% currently to ~39%—as fixed costs are spread across a larger occupied base.​</span></p><p></p><p><span style="color: rgba(33, 37, 41, 1)">Overall, this is an attractive opportunity to acquire a scaled manufactured housing asset with meaningful infill potential, below-market rents, and multiple operational levers to drive NOI growth, making it well-suited for investors seeking both durable income and long-term value creation.​</span></p>