Private Placement
Sonos Capital Income Fund III
The next generation of Sonos Capital's fund strategy, expanding our platform of manufactured housing communities and select RV parks with continued operational discipline.
Fund Overview
Scaling a proven strategy.
Sonos Capital Income Fund III is a standalone offering with its own structure, terms, and portfolio. It focuses on larger portfolio acquisitions, deeper operational integration, and continued expansion into supply constrained markets. The fund is intended for investors seeking diversified exposure across multiple stabilized and value add manufactured housing communities, with the potential inclusion of select RV parks and resorts.
Strategy
Acquire and operate a diversified portfolio of manufactured housing communities and select RV parks in high-growth, landlord-friendly markets.
Target Assets
Larger portfolio opportunities, stabilized communities with operational upside, and strategic value-add assets.
Return of Capital
As soon as 3 years, targeted to return invested capital while retaining ownership of the parks.
Asset Hold
Long term / perpetual. Communities are intended to be held indefinitely for continued participation in cash flow.
Distributions
Targeted quarterly distributions, subject to available cash flow and manager discretion.
Targeted Terms
Summary terms
The following terms are targets and are subject to change. Final terms will be set forth in the Private Placement Memorandum and related offering documents.
Structure
Limited Partnership / LLC Fund Interest
Return of Capital
As soon as year 3*
Asset Hold
Long Term / Perpetual
Distributions
Targeted Quarterly
Preferred Return
8% Cumulative
Profit Split
70 / 30 Investor / Sponsor
Minimum Investment
$100,000 for Accredited Investors
Investment Focus
Manufactured Housing & RV Parks
Eligible Accounts
Individual, Entity, IRA, 401(k), and 1031 exchange
Why This Fund
What to expect from Fund III.
Portfolio Scale
Ability to acquire larger portfolios and multiple communities in a single close, creating efficiencies in management and reporting.
Operational Platform
Built on a shared operating platform with dedicated regional managers, standardized reporting, and established vendor relationships.
Acquisition Pipeline
Direct owner relationships and off-market channels developed over two decades of real estate investing.
Transparent Reporting
Quarterly investor updates, annual K-1s, audited financials, and an online investor portal.
Multiple Exit Pathways
Potential for institutional recapitalization, sale to REITs, or continued hold based on market conditions at maturity.
Illustrative Investor Economics
What Could a $100,000 Investment Look Like?
The example below is provided for illustrative purposes only and is intended to demonstrate how distributions may work under the Fund’s current offering structure.
Initial Investment
$100,000
Preferred Return
8% Cumulative, Non Compounded*
Split
70 / 30 Investor / Sponsor Split
Return of Capital
As soon as year 3*
Asset Hold
Long Term / Perpetual
Illustrative Investment Outcomes
The following examples demonstrate how a hypothetical $100,000 investment could perform under different investment outcomes.
| Hypothetical Investment Scenario | Illustrative Investor Distributions | Illustrative Investor Profit |
|---|---|---|
| 1.50x | $150,000 | $50,000 |
| 1.75x | $175,000 | $75,000 |
| 2.00x | $200,000 | $100,000 |
| 2.50x | Approx. $240,000 | Approx. $140,000 |
| 3.00x | Approx. $280,000 | Approx. $180,000 |
*This illustration assumes the $100,000 investment qualifies for the applicable early investor tranche described in the Fund’s offering documents.
Potential Depreciation Benefits
In addition to potential cash distributions and appreciation, real estate ownership may generate depreciation and other tax deductions that are allocated to Fund investors through their Schedule K-1.
| Year | Illustrative Depreciation | Cumulative Depreciation |
|---|---|---|
| Year 1 | $12,000 | $12,000 |
| Year 2 | $8,000 | $20,000 |
| Year 3 | $6,000 | $26,000 |
| Year 4 | $5,500 | $31,500 |
| Year 5 | $5,000 | $36,500 |
| Year 6 | $4,500 | $41,000 |
| Year 7 | $4,000 | $45,000 |
| Year 8 | $3,500 | $48,500 |
| Year 9 | $3,500 | $52,000 |
| Year 10 | $3,000 | $55,000 |
Initial Investment
$100,000
Illustrative Cumulative Depreciation Allocations
$55,000
of Initial Investment Represented by Illustrative Depreciation Allocations
55%
Depreciation is a non cash tax deduction and is separate from investment distributions and investment returns.
How Sonos Seeks to Create Value
Sonos Capital seeks to generate returns through the acquisition and repositioning of manufactured housing communities. Our strategy includes:
- Increasing occupancy
- Infilling vacant home sites
- Optimizing rents
- Improving property operations
- Controlling operating expenses
- Completing strategic community improvements
- Growing net operating income
- Refinancing or strategically selling stabilized assets
The objective is to combine ongoing income, long term appreciation, and potential tax advantages within a professionally managed manufactured housing portfolio.
Return of Capital
Your capital may come back. Your participation doesn't have to end.
As a community grows in value, we may have opportunities to refinance it and return a portion of your original investment without selling the property. If the Fund continues to own the asset, you may continue participating in its economics.
You Invest
$100,000
First Refinance
$40,000 returned
Second Refinance
$60,000 returned
Original $100,000 Returned
$0 remaining
- Ongoing Cash Flow
- Future Refinance Proceeds
- Additional Appreciation
- Eventual Sale Proceeds
Hypothetical illustration only. Refinancing may not occur and distributions are not guaranteed. See the full disclosure on the Return of Capital page.
Important Disclosures
Past performance is not indicative of future results. The historical results shown elsewhere on this site relate to prior investments made by the principals of Sonos Capital and affiliated entities, many of which were made outside of any current offering and under different market, financing, and structural conditions. They are provided for background only and should not be interpreted as a projection or guarantee of the performance of Sonos Capital Income Fund III.
Targeted distributions, returns, and terms are objectives, not promises. Distributions depend on property performance, available cash flow, reserves, lender requirements, and manager discretion, and may be reduced, suspended, or discontinued. Private real estate investments are illiquid and speculative and involve substantial risk, including the possible loss of principal.
Nothing on this page is an offer to sell or a solicitation of an offer to buy any security. Any offering of Sonos Capital Income Fund III is made solely pursuant to a Private Placement Memorandum and related documents, which should be reviewed with your own legal, tax, and financial advisors.
Get Started
Request the Fund III offering documents.
Submit your information to receive the Private Placement Memorandum, subscription documents, and investor packet for Sonos Capital Income Fund III.