MHC Land-Lease Communities

The flagship fund. Acquires and improves manufactured housing communities where residents own the home and TetraHomes owns the land, roads, water, and amenities.

Fund Size

$6.258B

Target committed capital

Target Net IRR

13–18%

Objective, not a guarantee

Investor Relations Back to Funds

Strategy

Where the fund invests

Land-lease MHCs of 100–600 lots in metropolitan and secondary markets.
In-place occupancy of 85%+ and clear three-year improvement plan.
Off-market and lightly-marketed communities sourced from family and small operator owners.
Roads, water, drainage, and amenity capex programmed at underwriting.
On-site management placed within 100 days of close, within 10 miles of the community.

Objectives

What the fund targets

Fund Size$6.258B

Target Net IRR13–18%

Target Multiple2.0–2.6x

SectorManufactured Housing Communities

Terms

Investment Fund I terms

Vehicle

Delaware limited partnership

Adviser

TetraHomes Advisers, LLC (SEC RIA, in filing)

Fund Term

10 years, plus two 1-year GP extensions

Investment Period

First 5 years

Waterfall

European whole-fund

LP Fees

None — 0%

Preferred Return

8% cumulative to LPs

GP Catch-Up

100% until 20/80 restored

Carried Interest

20% above preferred

Carry Escrow

30% through fund term

GP Commit

2% of fund size

Minimum LP Commit

$2,000,000

Auditor

PricewaterhouseCoopers

Fund Counsel

LePore Law Group

Definitive terms are set out in the Fund’s Private Placement Memorandum, Limited Partnership Agreement, and Subscription Agreement. Please consult the fund materials and legal counsel before subscribing.

Interested in Investment Fund I?

Institutional and qualified investors are invited to request the Private Placement Memorandum and Subscription Agreement.

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