what is a mobile home park?
A community, much like a housing subdivision, that rents lots or mobile homes to residents. The land is serviced and is zoned to house manufactured / mobile homes. A mobile home is manufactured and transported to the mobile home park, where the home goes through a formal installation process of levelling, attaching to anchors and connecting to services (water, electricity, sewage).
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Westbrooke Tovia Mobile Home Parks is an exclusive partnership with our US-based operating partner, Tovia Capital, and invests in a portfolio of US-based mobile home parks which meet defined criteria.
Tovia is a mobile home park investor and asset manager, founded by ex-South African Quan Rees. Since inception, Tovia has produced annualised returns well in excess of 30%, with cash-on-cash yields in excess of 10%.
(BASED ON NET INVESTMENT)
key investment highlights
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Unique access through an exclusive relationship with Tovia Capital
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Tax efficient structure for South African and other foreign investors
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Increasing property values through active management and the conversion of park-owned-homes into tenant-owned-homes
![](https://westbrooke.com/wp-content/uploads/2021/04/capitalstructure.png)
Strong alignment as Westbrooke and Tovia remain significantly invested in the strategy and in the fund
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Compelling dollar returns – target dividend yield of 10% p.a. and target total return (IRR) of 17%+
key investment fundamentals
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Strong supply / demand fundamentals: surrounding resident opposition and zoning restrictions restrict supply, with demand for affordable housing increasing
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Fragmented market: dominated by unsophisticated owners where there is a significant opportunity to enhance income through digitisation, improving record keeping and professionalising the business
![](https://westbrooke.com/wp-content/uploads/2021/04/7-4.png)
Mobile homes are not so mobile: mobile homes are very difficult and costly to move, resulting in very low tenant turnover
![](https://westbrooke.com/wp-content/uploads/2021/04/11.png)
Resilient through the economic cycles: with the asset class having performed well throughout both the 2008 Global Financial Crisis and Covid-19
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Low maintenance and capital costs: as the landlord is typically not responsible for maintaining the buildings
![](https://westbrooke.com/wp-content/uploads/2021/04/realestate.png)
Increasing levels of institutionalisation: starting to gain significant attention as more sophisticated / institutional investors acquire properties (who currently less than 4% of the total stock in the market)
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Consistent annual rent growth: driven by the unique sectoral supply / demand fundamentals, thereby increasing valuations and returns