Cloudbreak Portfolio - Mountain States

JLL, as exclusive advisor, presents Project Cloudbreak—an opportunity comprising 24 communities with 2,100 sites across three states (ID, MT, ND), representing one of the largest single-owner MHC portfolios in the U.S. This Portfolio delivers unmatched scale in supply-constrained markets with zero planned developments, a 1.78M unit housing shortage in the Western U.S. and a 329k unit shortfall in the combined Portfolio states.

The acquisition provides immediate access to a turnkey, vertically-integrated operating platform developed over 27 years, encompassing property management, manufactured home retail and financing, resident services, and back-office operations—capabilities requiring years and significant capital to replicate. With manufactured housing's proven resilience and consistent 5.5% sector-wide rent growth through economic cycles, the Portfolio's 65% weighted occupancy and ~$660 average market rent present compelling 9% mark-to-market upside. The combined opportunity to acquire a scaled Portfolio assembling and operating business in a singular transaction provides a rare entry point to immediately ramp up a regionally-dominant manufactured housing platform.