8010 Thompson Rd, Highlands, TX 77562

Sunstone Real Estate Advisors is pleased to present Highlands Bay & Country Place MHP, a two-park manufactured housing portfolio totaling 108 sites offered together as a single investment.

The portfolio is currently operating at approximately 98% occupancy, with a site-weighted average lot rent of approximately $458 per month. Current operations generate approximately $519,000 in total annual revenue, supported by strong in-place occupancy and a diversified resident mix that includes both resident-owned and community-owned homes. The assets benefit from a straightforward operating structure and meaningful scale relative to single-asset offerings in similar markets. Offered together, the portfolio provides operational efficiencies, geographic concentration, and enhanced long-term defensibility.

The underwriting reflects a disciplined stabilization and growth strategy focused on modest absorption of remaining vacancies, consistent annual rent increases, and normalized operating expenses under professional management. Total portfolio revenue is projected to increase from approximately $519,000 at current operations to $1,137,121 by Year 5, driven primarily by rent growth, lease-up, and ancillary income expansion. Net Operating Income is projected to increase from approximately $252,000 currently to $829,115 by Year 5, as expense ratios compress with scale and revenue growth. Expense ratios improve from approximately 51% at current operations to 27% by Year 5, reflecting improved operating efficiency across the combined platform.