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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).

westbrooke / tovia mobile home parks

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%.

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Unique access through an exclusive relationship with Tovia Capital

Tax efficient structure for South African and other foreign investors

Increasing property values through active management and the conversion of park-owned-homes into tenant-owned-homes

Strong alignment as Westbrooke and Tovia remain significantly invested in the strategy and in the funds

Compelling dollar returns – target dividend yield of 10% p.a. and target total return (IRR) of 17%+

Strong supply / demand fundamentals: surrounding resident opposition and zoning restrictions restrict supply, with demand for affordable housing increasing

Fragmented market: dominated by unsophisticated owners where there is a significant opportunity to enhance income through digitisation, improving record keeping and professionalising the business

Mobile homes are not so mobile: mobile homes are very difficult and costly to move, resulting in very low tenant turnover

Resilient through the economic cycles: with the asset class having performed well throughout both the 2008 Global Financial Crisis and Covid-19

Low maintenance and capital costs: as the landlord is typically not responsible for maintaining the buildings

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)

Consistent annual rent growth: driven by the unique sectoral supply / demand fundamentals, thereby increasing valuations and returns