Sonos Capital
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Case Study 4 · Operational Restructuring

Transitioning a 100% Rental Park to Tenant Ownership

Expense ratio fell from 60% to 32% after 38 residents financed the homes they lived in.

  • Acquisition profile: 50-unit park where all 50 units were park-owned rentals, operating at a heavy 60% expense ratio.
  • The execution: partnered with a national manufactured housing lender to qualify 38 existing residents for purchase financing, while renovating and selling the remaining 12 units.
  • The outcome: expense ratio dropped from 60% to 32%, maintenance overhead disappeared, and collections improved to 99%.
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