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STUDIO 168
Prepared for Belay Investment Group
Exclusive Offering — Prepared for Belay Investment Group

The Lake Charles Portfolio

Six manufactured-housing communities — 966 homesites across Lake Charles, Lafayette, and the Beaumont–Port Arthur corridor. One acquisition, one operator, one plan.

19%
IRR
2.2x
MOIC
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The Opportunity

Six Communities,
One Simple Investment

A $55.3M portfolio acquisition at $47.5K per lot excluding homes — while the park down the road is asking $66K per site. Fill 157 vacant lots with new homes, and Year-1 NOI of $3.1M becomes $5.5M by Year 3.

$75.9M
Total Capitalization
Acquisition, 157 new homes, capex, closing & reserves — funded day one
$55.3M
Purchase Price
$57.2K per homesite • $47.5K excluding the 188 park-owned homes
966
Homesites
76% occupied today → 94% underwritten by Year 3
62%
Loan-to-Cost
$47.2M total debt — senior, home financing & capex facility
The Assets

Six Communities, Three Metros

Four communities in the Lake Charles corridor, one on Lafayette's dominant retail spine, one in the Beaumont–Port Arthur refining belt.

Portfolio map — six communities across the Gulf Coast I-10 corridor
Gulf Coast I-10 Corridor
Lake Charles · Lafayette · Silsbee
Smith Village
6505 Nelson Rd · Lake Charles, LA
149
Homesites
80%
Occupancy
$424
In-Place Lot Rent
$7.6M
Price
Fairview Estates
Tom Hebert Rd · Lake Charles, LA
498
Homesites
72%
Occupancy
$440
In-Place Lot Rent
$29.5M
Price
Country Oaks
805 Topsy Rd · Lake Charles, LA
169
Homesites
74%
Occupancy
$440
In-Place Lot Rent
$10.0M
Price
Moss Bluff Mobile Village
Moss Bluff · Lake Charles, LA
36
Homesites
86%
Occupancy
$460
In-Place Lot Rent
$1.7M
Price
Lafayette Springs
Ambassador Caffery Pkwy · Lafayette, LA
64
Homesites
98%
Occupancy
$613
In-Place Lot Rent
$4.0M
Price
Tiger Village
Silsbee, TX · Beaumont–Port Arthur MSA
50
Homesites
82%
Occupancy
$570
In-Place Lot Rent
$2.5M
Price
The Demand Driver

A $90 Billion Buildout Next Door

Roughly $90B of post-FID energy and infrastructure projects are under way across the portfolio's three metros — anchored by Woodside's $17.5B Louisiana LNG, the largest foreign direct investment in state history, in the same parish as four of these six communities. The people building it all need somewhere affordable to live.

$17.5B
Louisiana LNG — FID April 2025
Woodside three-train foundation project, first LNG targeted 2029
~8,000
Construction Jobs
Plus 500–1,000 permanent positions at the terminal
$5.7B
Stonepeak Commitment
40% infrastructure stake — institutional validation of the corridor
88%
Comp Occupancy
Average across surrounding MHCs per current broker listings
Sources: HCCG Market Overview (July 2026); Marcus & Millichap and Other Street broker materials (2026). Woodside Louisiana LNG is permitted to 27.6 mtpa; Williams took 10% of the project plus 80% of the $1.3B Driftwood pipeline through Beauregard and Calcasieu Parishes. Full detail on the Market tab.
Why This Deal

Five Reasons We're Buying

The entire investment case, in plain language.

01
A basis below the market's own ask
We are buying at $47.5K per lot while current institutional asks along the Gulf Coast corridor run $66K–$95K per site — a 28–50% discount to the market's own pricing. The market is telling us what this inventory trades for, and we are well under it.
02
Rents are 22% below the surveyed market
In-place lot rents average $453 against a surveyed market of $554. The comps make the case for us: Twin Oaks just pushed rents $25 to $475 in January 2026 and still runs 93%+ occupancy. Closing the gap converts to income with no capital spend.
03
157 vacant lots become 157 homes
The plan is infill: $12.5M of new homes ordered and funded at closing, delivered over three years into a market where competing communities run 88–98% full. Occupancy goes from 76% to 94% underwritten, and NOI goes from $3.1M to $5.5M by Year 3.
04
The affordability moat
A resident at Smith Village pays about $865 a month all-in — pad rent plus a home note. The median 3-bed rental in Lake Charles is $1,944. That $1,079 monthly gap is the moat: no comparable detached-living alternative exists at this price point, which is why this tenancy is sticky.
05
One operator, one corridor
Silver Lands Management Group operates everything we buy. Four of six communities sit within one Lake Charles cluster — one regional team, shared staffing and vendors, and a single infill pipeline instead of six separate projects.
The Plan

Five Years, Start to Finish

Fully funded at closing. Infill first, rents second, refinance third, exit at stabilized income.

Year 1 — Close & Fund Everything
Takeover, CapEx, and the First 49 Homes
Move all six communities onto the Silver Lands platform. The full $75.9M plan is capitalized on day one — $3.4M of community capex, $12.5M of new home orders, and reserves. The first 49 homes are set and leased in Year 1.
Year-1 NOI: $3.13M
Year 2 — Infill at Full Pace
131 More Homes, First Distributions
Home deliveries hit full stride and occupancy climbs past 90% on its way to the underwritten 94%. Distributions begin on the target schedule at 3.2% cash-on-cash while the infill engine keeps compounding income.
Year-2 NOI: $4.36M
Year 3 — Stabilize & Refinance
94% Occupancy, 1.37x Coverage, Capital Back Early
The portfolio reaches its underwritten 94% occupancy and debt coverage hits 1.37x. We then execute a cash-out refinance of the two largest assets — Smith Village and Fairview Estates — returning a meaningful slice of capital in Year 3 rather than making investors wait for the exit.
Year-3 NOI: $5.52M · DSCR 1.37x
Year 4 — Push to Market
Rents Walk Toward the Survey
With the communities full and renovated, rents continue their measured walk toward the $554 surveyed market. Margins widen to 65% as scale efficiencies take hold across the cluster.
Year-4 NOI: $6.04M
Year 5 — Exit at Stabilized Income
$109M Gross Value, $50.3M Net to Equity
Exit at a blended 6.5% cap on stabilized community NOI plus the home fleet — $109.0M gross, $50.3M net levered proceeds after selling costs and loan payoff. The exit cap is nearly a point above our entry basis: the value is built from income, not cap-rate hope.
Project: 18.7% IRR · 2.2x MOIC
For Belay Investment Group

Interested in the Lake Charles Portfolio?

The full institutional package is ready for your team — underwriting model, rent rolls, trailing financials, market study, and diligence files. We would welcome a working session at your convenience.

Request Institutional Package Schedule a Call
Kristen Kealer
Investor Relations
kkealer@s168p.com
Sage Damiano
Investor Relations
sdamiano@s168p.com
Lorelei Gaffney
Investor Relations
lgaffney@s168p.com
Financial Projections

A Clear Path to Value

Base case, five-year hold. This is an infill deal: income more than doubles as 157 new homes lease up, and distributions follow the lease-up rather than preceding it.

Projected NOI Growth
$3.13M
Year 1
$4.36M
Year 2
$5.52M
Year 3
$6.04M
Year 4
$6.53M
Year 5
5-Year NOI Growth+109%
Target LP Cash-on-Cash — Distribution Policy
—
Year 1
3.2%
Year 2
4.5%
Year 3
5.0%
Year 4
6.5%
Year 5
Cumulative 5-Year Target Distributions~19% of equity
Capital Structure
$75.9M
Total Capitalization
Total Debt — senior, home & capex facilities
$47.2M
LP Equity — 95% of total equity
$27.3M
GP Co-Investment — 5% of total equity
$1.4M
Where Value Is Created
$55.3M
Purchase
Price
+$15.9M
CapEx +
New Homes
+$37.8M
Infill, Rents &
NOI Growth
$109.0M
Gross Exit
Value
Exit at blended 6.5% cap vs 5.7% entryIncome-built, not cap-rate hope
Financial Detail

Five-Year Operating Proforma

Every line, five years, straight from the model — including the early years, shown as they are.

View the five-year proformaIncome through to cash flow
Swipe to see all columns
Portfolio ProformaYear 1Year 2Year 3Year 4Year 5
Effective Gross Income$5.55M$7.12M$8.47M$9.07M$9.64M
Operating Expenses($2.43M)($2.79M)($3.01M)($3.10M)($3.18M)
Net Operating Income$3.13M$4.36M$5.52M$6.04M$6.53M
NOI Margin56%61%65%67%68%
Physical Occupancy (yr avg · 76% at close)84%91%94%94%94%
CapEx Reserve($18K)($18K)($19K)($19K)($20K)
Debt Service($3.63M)($4.02M)($4.02M)($4.42M)($4.42M)
Cash Flow After Debt Service($524K)$325K$1.48M$1.59M$2.09M
Below-the-Line Fees & Non-Op($433K)($503K)($564K)($591K)($617K)
Net Cash Flow, Pre-Reserve($957K)($179K)$918K$1.00M$1.47M
Cash-on-Cash % (pre-reserve)(3.3%)(0.6%)3.2%3.5%5.1%
This is a heavy-infill plan and the proforma shows it honestly: operations run cash-negative in Years 1–2 while the 157-home order and make-readies lease up, then swing firmly positive as occupancy stabilizes at 94%. The cash-on-cash row above is the raw operating number, before any reserve support. The distribution policy sizes an interest reserve at closing — approximately $3.3M, capped at senior interest due — specifically to bridge that gap: it carries debt service through the lease-up and funds the target distribution schedule of 3.2% → 6.5% in Years 2–5. Final reserve sizing is set with the lender at close. Year-3 figures exclude the planned Smith Village / Fairview Estates cash-out refinance, which returns capital separately from operating cash flow.
Capital Structure

Sources & Uses

Where the capital goes and where it comes from. Total capitalization is $75.9M against a $55.3M purchase price — the difference is mostly 157 new homes and the capital that carries them to lease-up.

View sources & usesSeven uses, six sources · $75.9M
Uses of Funds
Purchase Price
$55,300,000
New Park-Owned Homes — 157 ordered at closing
$12,527,500
CapEx at Closing — roads, utilities, amenities, make-readies
$3,389,443
Operating Reserves Funded
$2,186,457
Acquisition Fee
$1,106,000
Closing Costs
$743,054
Financing & Equity Placement Costs
$619,267
Total Uses
$75,871,721
Sources of Funds
Senior Loans — 6.80% all-in, 60% avg LTV
$33,217,646
Home Financing — new POH orders
$7,771,500
Chattel Loan — existing 188-home fleet
$3,760,000
CapEx Facility
$2,413,500
LP Equity — 95% of total equity
$27,273,621
GP Co-Investment — 5% of total equity · $1,435,454 · Total Sources $75,871,721
Six property-level senior loans (no cross-default to a single lender), floating at 1-month SOFR plus spread with 5.00% strike rate caps — 6.80% all-in at today's index. Home orders carry dedicated chattel-style financing so new-home dollars aren't competing with community capex. Everything above is funded at close; there are no capital calls in the base case.
Size the Position

Model the LP Position

Drag to size a position — up to the full $27.3M LP allocation — based on the base-case model and the target distribution schedule.

$500K
Year-2 Distribution
$16,000
3.2% target — first distribution year
5-Yr Target Distributions
$96K
Per the distribution policy schedule
Total Value at Exit
$1.01M
Equity multiple at exit, Year 5
Preferred Return
8%
Compounding — paid before any promote
Illustrative only, from the base-case model: distributions per the target schedule, with the balance of value delivered via the Year-3 refinance and the Year-5 exit. Final terms per the PPM.
Pricing & Coverage

Returns, Pricing & Debt Coverage

What the deal earns, what we paid for it, and how the coverage builds as the lease-up lands.

Project-Level Returns
Gross deal performance — the headline returns carried throughout this page
18.7% IRR / 2.2x MOIC
Entry Cap Rate
On underwritten Year-1 NOI of $3.13M against the $55.3M price • 5.8% on seller trailing-12
5.7%
Stabilized DSCR / Debt Yield
Year 3, at 94% occupancy. Year-1 coverage is 0.86x by design — carried by the interest reserve sized at closing while the infill leases up
1.37x / 11.7%
Rate Protection
Floating at 1-month SOFR + spread, 6.80% all-in today, with 5.00% strike rate caps on the senior loans
SOFR capped @ 5.00%
Exit Cap Assumption
Property-level exit caps of 5.0–6.5%, blended 6.5% — well above the 5.7% entry basis
6.5% blended
Net Exit Proceeds
$109.0M gross value less 1% selling costs and loan payoff
$50.3M
Downside Protection

Stress-Tested Across the Range

Cut rent growth in half, push the exit cap a full point past base — the portfolio holds double digits across most of the grid.

Portfolio Levered IRR — Exit Cap vs. Rent Growth
Swipe to see all columns
Exit Cap \ Rent Growth
2%
3%
4%
5%
6%
7%
5.5% cap
16.8%
18.7%
20.5%
22.4%
24.1%
25.9%
6.0% cap
13.7%
15.7%
17.6%
19.5%
21.3%
23.1%
6.5% cap
10.8%
12.9%
14.8%
16.8%
18.6%
20.4%
7.0% cap
8.0%
10.2%
12.2%
14.2%
16.1%
18.0%
7.5% cap
5.3%
7.6%
9.7%
11.8%
13.7%
15.6%
Base case — blended 6.5% exit cap, ~6% rent growth
Indicative levered IRR, five-year hold, recomputed August 2026 from the base-case model cash flows: operating income and exit value reprice with rent growth, and exit value reprices across the blended exit cap; debt, the Year-3 refinance, and home values are held at base. The outlined cell reproduces the base case — 18.7% at a blended 6.5% exit cap with ~6% rent growth. The bottom rows sit a full point of cap expansion past base before returns fall below double digits at base growth. Directional; final terms and returns are governed by the offering documents.
For Belay Investment Group

Interested in the Lake Charles Portfolio?

The full institutional package is ready for your team — underwriting model, rent rolls, trailing financials, market study, and diligence files. We would welcome a working session at your convenience.

Request Institutional Package Schedule a Call
Market Analysis

Three Metros, One Thesis

Workforce housing where the workforce is growing. Every market in this portfolio is anchored by employers who hire people that need attainable housing — and none of these markets builds it.

Lake Charles, LA
4 communities · 852 homesites · Calcasieu Parish
209,905
Parish Population · +8.75% since 2010
$67,849
Median HH Income
$235K
Median Home Price · +12% YoY
$1,944
Avg 3-Bed House Rent
Economic hub of Southwest Louisiana, anchored by the Calcasieu Ship Channel, the Port of Lake Charles, and the $17.5B Woodside Louisiana LNG project — ~8,000 construction jobs, first LNG 2029. One of only two parishes in the five-parish region posting net population gains.
Major Employers
Woodside Louisiana LNG (u/c)8,000 constr.
Calcasieu Parish School System~5,000
L'Auberge Casino Resort~2,400
Turner Industries1,000+
Westlake Chemical1,000+
CITGO Petroleum1,000+
Lafayette, LA
1 community · 64 homesites · Lafayette Parish
261,224
Parish Population · +1.27% YoY
3.3%
Unemployment
18,700+
Healthcare Jobs — #1 Industry
~$1,819
Avg 3-Bed House Rent
Fourth-largest metro in Louisiana and the most diversified economy in the tranche — healthcare, university, energy services, and tech. Lafayette Springs sits directly on Ambassador Caffery Parkway, the market's dominant retail spine, and runs 98% occupied.
Major Employers
Lafayette Parish School System#1 employer
Ochsner Lafayette Generaltop-3
Univ. of Louisiana at Lafayette~2,750
Our Lady of Lourdes RMC~2,250
SLB / Wood Group (energy svcs)1,000+
Lafayette Consolidated Gov't1,000+
Silsbee, TX
1 community · 50 homesites · Beaumont–Port Arthur MSA
398,733
Golden Triangle MSA Population
5,000+
ExxonMobil Beaumont Jobs & Contractors
#1 US
Motiva — Largest US Refinery
$1,500
Median Gross Rent, 2+bd SFR
One of the largest refining and petrochemical complexes in North America — and it is expanding. Golden Pass LNG (~$12.5B) shipped its first export cargo in 2026, and Sempra's Port Arthur LNG has $13B under construction plus a ~$16B Phase 2 approved in September 2025. Silsbee is the affordable bedroom community 25–30 minutes from the Beaumont employment core — exactly the commuter profile manufactured housing serves.
Major Employers
ExxonMobil Beaumont Refinery2,000+ / 3,000 contr.
Motiva Enterprises (Port Arthur)largest US refinery
Valero Refiningmajor
Goodyear Tire & Rubbermajor
Hardin-Jefferson / Silsbee ISDslocal
ENGlobal Corporationmajor
Source: HCCG Market Overview, prepared July 2026, compiled from World Population Review, U.S. Census, FRED, Redfin, Zillow, Rentometer, LEDA, Dallas Fed, and company disclosures.
The Demand Driver

Lake Charles Is Being Rebuilt Around LNG

The largest foreign direct investment in Louisiana history broke ground in this corridor — and institutional capital keeps validating it.

$17.5B
Woodside Louisiana LNG
FID April 2025 · three trains, 16.5 mtpa, permitted to 27.6 · first LNG 2029
~8,000
Construction Jobs
Plus 500–1,000 permanent — lump-sum turnkey EPC with Bechtel
$5.7B
Stonepeak — 40% Stake
Funding 75% of 2025–26 capex; Williams took 10% plus the $1.3B Driftwood pipeline
$15.1B
Venture Global CP2 — FID July 2025
3,000 construction jobs next door in Cameron Parish, first LNG 2027

The largest FDI in Louisiana history is under a lump-sum turnkey EPC with Bechtel — and the capital behind it keeps compounding

Woodside's Louisiana LNG is a three-train, 16.5-mtpa foundation project permitted to 27.6 mtpa, targeting first LNG in 2029. Institutional capital has already validated the corridor twice over: Stonepeak committed $5.7B for a 40% infrastructure stake — funding 75% of 2025–26 capex — and Williams, in its first LNG investment, took 10% of the project plus 80% of the $1.3B Driftwood Line 200/300, a 71-mile dual pipeline running through Beauregard and Calcasieu Parishes. Those are the same parishes as four of these six communities. As HCCG's July 2026 market study puts it, the buildout is "feeding thousands of additional midstream jobs and further straining workforce housing capacity." And Woodside is not alone: in July 2025 Venture Global took FID on CP2 in neighboring Cameron Parish — $15.1B of Phase-1 financing, 3,000 Louisiana construction jobs, 400 permanent positions, first LNG targeted for 2027. As of August 2026, Woodside reports construction 28% complete and on budget, with Train 1 at 35%, storage tanks that will be North America's largest underway, and over $1B already spent with Louisiana businesses. Regional economists report Southwest Louisiana has turned the corner on both population and job growth.

The full board: ~$90B of post-FID projects within commuting distance of the portfolio

ProjectLocationScaleStatus — Aug 2026
Woodside Louisiana LNGCalcasieu Parish, LA$17.5BUnder construction — 28% complete, on budget, first LNG 2029
Venture Global CP2Cameron Parish, LA$15.1B Phase 1Under construction — FID Jul 2025, first LNG 2027
Commonwealth LNGCameron Parish, LA$13BFID & groundbreaking May 2026 — U.S. Energy Secretary on site
Golden Pass LNGSabine Pass, TX~$12.5BOperating — first cargo shipped 2026
Port Arthur LNG (Sempra)Port Arthur, TX$13B + ~$16B Ph 2Phase 1 under construction; Phase 2 FID Sep 2025
I-10 Calcasieu River BridgeLake Charles, LA$2.3BGround broken 2026 — largest infrastructure project in parish history
Woodside Beaumont New AmmoniaBeaumont, TXPhase 1 & 2First ammonia Dec 2025; commercial launch 2026
Committed corridor investment3 metros~$90BEvery project post-FID — no proposals counted
Construction status verified August 2026 from company and trade-press reporting. Conservatism note: Energy Transfer's separate Lake Charles LNG project was suspended in December 2025 — it is excluded from every figure on this page, which relies only on projects that have taken FID and begun construction.
Side by Side

Market Comparison Summary

The three metros at a glance, from the HCCG market study.

Swipe to see all columns
Lake Charles, LALafayette, LASilsbee / Beaumont, TX
Communities / homesites4 communities · 852 sites1 community · 64 sites1 community · 50 sites
Population (parish / MSA)209,905 (+0.69% YoY)261,224 (+1.27% YoY)398,733 MSA
Median household income$67,849$67,500varies by county
Median home price~$235K (+12% YoY)~$242K$114–168K
Avg 3-bed house rent$1,944~$1,819$1,500
Anchor economic driverLNG / petrochemical ($17.5B FID)Healthcare · university · energy svcsRefining (ExxonMobil, Motiva)
HCCG Market Overview, July 2026. All third-party figures compiled from public sources; rent and home-price figures are consumer-platform estimates shown as ranges. Formal appraisal and market study delivered in diligence.
Rent Positioning

Embedded Rent Upside

In-place rents sit well below the surveyed market, and the comp set — published by the brokers themselves — proves the ceiling is real.

In-Place Lot Rent → Market
Portfolio average occupied lot rent vs. the $554 surveyed market benchmark
$453 → $554  (+22%)
In-Place Home Rent → Market
Average home rent premium vs. the $700 surveyed benchmark
$571 → $700  (+23%)
The Comps Are Already There
Twin Oaks (Sulphur) raised rents $25 in January 2026 to a $475 average — and runs 93–98% occupancy
$475 @ 93%+
Already Above Market In Two Metros
Lafayette Springs ($613) and Tiger Village ($570) show what stabilized communities in stronger sub-markets support
$570–$613
View the manufactured-housing comp setLake Charles corridor · broker-published
CommunityLocationSitesOccupancySite RentNote
Twin Oaks MHPSulphur, LA20193–98%$450–475Asking $65,970/site (real estate only)
Sugarloaf CommunityLake Charles, LA25698%$360Full at below-market rents
Oakhurst Mobile EstatesLake Charles, LA24886%$374$1,000 site + home rent
Comparable Averages——88%$393Per Other Street comp survey
The Lake Charles PortfolioLC · Lafayette · Silsbee96676% today$453 avgBasis $47.5K/lot ex-homes
Comp data from the Marcus & Millichap Twin Oaks OM and the Other Street four-community Lake Charles listing (both 2026). A detail worth noticing: the brokers' own comp survey uses two of our communities — Smith Village ($396) and Fairview Estates ($383) — as reference points, at rents consistent with our underwriting. Occupancy figures are as published by each broker.
View the price comp set — asks & salesGulf Coast corridor · per-site pricing
Swipe to see all columns
PropertyMarketSitesOccupancyPrice$ / SiteStatus
Twin Oaks MHPSulphur, LA20193%$13.26M (RE only)$65,9702026 ask · Marcus & Millichap
Mosswood EstatesSulphur, LA321—Price to market—2026 ask · CBRE
Highlands Bay & Country PlaceHighlands, TX (Houston MSA)10898% econ.$10.25M$94,9072026 ask · $458 lot rent
Bay City Oaks MHPBay City, TX1694%$660K$41,2502026 ask · 16-site park
Cajun Park VillageLafayette, LA44—$1.05M~$23,900Closed sale, 2023 · 44-pad private deal
The Lake Charles PortfolioLC · Lafayette · Silsbee96676% today$55.3M$47.5K ex-homesOur basis, as underwritten
The read-across: current institutional-quality asks in the corridor run $66K–$95K per site — Twin Oaks eight miles from our Lake Charles cluster, Highlands Bay down the Gulf Coast in the Houston MSA. The sub-$45K prints are a 16-site park and a 44-pad private sale from 2023, before the Woodside FID reset the corridor's economics. At $47.5K per lot for 966 sites of institutional scale, this basis sits 28% below the nearest same-corridor ask — and the presence of a second active CBRE listing in Sulphur (Mosswood Estates, 321 sites) confirms institutional capital is competing for this inventory. Sources: Marcus & Millichap OM (2026); MHC Listings Rundown, May 2026 (CBRE, Highlands Bay, Bay City); The Advocate (Lafayette sale, 2023).
The Moat

The Cheapest Detached Housing in Every Market We're In

The affordability spread is the economic moat — and the reason this tenancy stays put.

Swipe to see all columns
CommunityMarketPad RentHome Note*All-In MonthlyLocal 3-Bed RentResident Saves
Smith VillageLake Charles, LA$450$415$865$1,94456% · $1,079/mo
Fairview EstatesLake Charles, LA$440$415$855$1,94456% · $1,089/mo
Country OaksMoss Bluff / Lake Charles$440$415$855$1,94456% · $1,089/mo
Moss Bluff Mobile VillageMoss Bluff / Lake Charles$460$415$875$1,94455% · $1,069/mo
Lafayette SpringsLafayette, LA$613$415$1,028~$1,81943% · $791/mo
Tiger VillageSilsbee, TX$570$415$985$1,50034% · $515/mo
Portfolio Average3 metros$453$415$868—Cheapest detached option in every market
*Chattel-note assumption per HCCG Market Overview (July 2026): $50K home, 10% down, 10.00% rate, 23.5-yr amortization (~$415/mo); extended across the portfolio by Studio 168 using in-place pad rents from the underwriting model. Local 3-bed rents: Rentometer / RentEst / Census-area figures via HCCG, per metro. Context in Lake Charles: 3-bed SFR ownership carries ~$1,832/mo all-in ($235K median, 5% down, 6.75%/30-yr plus PMI, taxes, insurance), and the apartment comp set averages $1,078 for a 1-bed and $1,385 for a 2-bed — every one of them costs more than a resident's entire all-in payment at any Lake Charles-cluster community. Even with a home note, residents save 34–56% monthly versus their local detached alternative — the moat that makes this tenancy sticky and the rent path durable.
View the apartment comp setFive Lake Charles properties · broker-published
PropertyAddressUnits1-Bed Rent2-Bed Rent
Watervue1225 Country Club Rd264$930$1,330
Crescent at Country Club1531 Country Club Rd224$915$1,145
Nelson Pointe5200 Nelson Rd208$1,237$1,459
The Legacy at Lake Charles5225 Elliott Rd268$1,123$1,358
Country Club Pointe2845 Country Club Rd256$1,183$1,632
Comparable Averages—244 avg$1,078$1,385
Apartment comps as published in the Other Street four-community Lake Charles listing (2026). The cheapest 1-bed apartment in the comp set rents for more than a resident's entire all-in cost at Smith Village — pad rent plus home note — and offers no yard, no driveway, and no detached living. Nelson Pointe, the comp nearest Smith Village on the same road, averages $1,237 for a 1-bed.
The Data

Market Data Summary

Every market figure used anywhere on this site, with its source, in one place.

View the full data table30 figures · 4 source documents + Aug 2026 web verification
FigureValueSource
Portfolio in-place avg lot rent$453/moUnderwriting model, 08.2026
Surveyed market lot rent$554/moInternal rent survey / underwriting model, 08.2026
Portfolio in-place avg home rent$571/moUnderwriting model, 08.2026
Surveyed market home rent$700/moInternal rent survey / underwriting model, 08.2026
Comparable MHC avg site rent / occupancy$393 / 88%Other Street comp survey, 2026
Twin Oaks avg site rent · last increase$475 · +$25 Jan 1, 2026Marcus & Millichap Twin Oaks OM, 2026
Twin Oaks asking price per site$65,970Marcus & Millichap Twin Oaks OM, 2026
Highlands Bay & Country Place (Houston MSA)$94,907/site ask · 98% econ. occ · $458 lot rentMHC Listings Rundown, accessed Aug 2026
Bay City Oaks MHP (Bay City, TX)$41,250/site ask · 94% occ · 16 sitesMHC Listings Rundown, accessed Aug 2026
Mosswood Estates (Sulphur, LA)321 sites · active CBRE listingMHC Listings Rundown, accessed Aug 2026
Cajun Park Village (Lafayette, LA)Sold $1.05M · 44 pads · ~$23.9K/lotThe Advocate, 2023 sale
Apartment comp averages (1-bed / 2-bed)$1,078 / $1,385Other Street comp survey, 2026
Calcasieu Parish population · growth209,905 · +0.69% YoY, +8.75% since 2010World Population Review, via HCCG Jul 2026
Calcasieu Parish median HH income$67,849FRED / Census, via HCCG Jul 2026
Lake Charles median home price~$235K, +12% YoYRedfin trailing 3-mo, via HCCG Jul 2026
Lake Charles avg 3-bed SFR rent$1,944/moRentometer, via HCCG Jul 2026
Woodside Louisiana LNG$17.5B FID Apr 2025 · ~8,000 jobs · first LNG 2029Louisiana Economic Development / company, via HCCG
Stonepeak / Williams commitments$5.7B · 10% + 80% of $1.3B pipelineCompany disclosures, via HCCG Jul 2026
Lafayette Parish population · unemployment261,224 (+1.27% YoY) · 3.3%Census / One Acadiana, via HCCG Jul 2026
Lafayette healthcare employment18,700+ jobs — largest industryLEDA / Data USA, via HCCG Jul 2026
Beaumont–Port Arthur MSA population398,733Dallas Fed, via HCCG Jul 2026
Woodside Louisiana LNG construction status28% complete, on budget · Train 1 at 35%Company / trade press, accessed Aug 2026
Venture Global CP2 (Cameron Parish)FID Jul 2025 · $15.1B Phase 1 · 3,000 constr. jobs · first LNG 2027Company / LED, accessed Aug 2026
Golden Pass LNG (Sabine Pass, TX)~$12.5B · first LNG Mar 2026, first cargo shippedEIA / company, accessed Aug 2026
Port Arthur LNG (Sempra)$13B Phase 1 u/c · ~$16B Phase 2 FID Sep 2025Trade press, accessed Aug 2026
Commonwealth LNG (Cameron Parish)$13B · FID & groundbreaking May 2026KPLC / company, accessed Aug 2026
I-10 Calcasieu River Bridge$2.3B · ground broken 2026The Advocate / LADOTD, accessed Aug 2026
Woodside Beaumont New AmmoniaFirst ammonia Dec 2025 · commercial 2026Company / trade press, accessed Aug 2026
Lake Charles LNG (Energy Transfer)Suspended Dec 2025 — excluded from all figuresTrade press, accessed Aug 2026
Smith Village all-in resident cost$865/mo — 55% below 3-bed SFR rentalHCCG affordability analysis, Jul 2026
Third-party figures have not been independently verified. Consumer-platform rent and price estimates are directional. Formal appraisals and a commissioned market study are delivered during diligence.
For Belay Investment Group

Interested in the Lake Charles Portfolio?

The full institutional package is ready for your team — underwriting model, rent rolls, trailing financials, market study, and diligence files. We would welcome a working session at your convenience.

Request Institutional Package Schedule a Call
Who We Are

Studio 168 Track Record

Ten thousand units. Twenty-five years. We manage everything we buy.

~10,000
Units
Across multiple states
$460M+
Portfolio Value
Assets under management
25+
Years Operating
Proven MHC track record
47
Active Communities
Nationwide portfolio
Vertically Integrated
In-house property management through Silver Lands Management Group. Full control of operations, maintenance, leasing, and resident experience from day one — which matters most in a heavy-infill plan, where the operator setting 157 homes is the same team leasing them.
Aligned Incentives
GP co-invests 5% of equity — $1.44M — alongside LPs and earns its 8% preferred return on the same terms. The promote is 20% of profits above the pref.
Institutional Process
Rigorous 5-phase due diligence framework. Institutional-grade reporting, monthly investor updates with full financial transparency, and a distribution policy set in writing before the first dollar is called.
Investment Terms

Aligned Interests, Transparent Structure

EntityProperty-level LLCs (per PPM)
Preferred Return8% compounding
GP Promote20% above pref
Acquisition Fee2.0% of price
DistributionsBegin Year 2, per policy schedule
GP Co-Investment5% of equity • $1.44M
LP Equity$27.3M • 95%
Target Hold5 years
Target CoC Path3.2% → 6.5% (Years 2–5)
Partnership StructureProgrammatic
The waterfall pays an 8% compounding preferred return and return of capital first, then splits residual profits 80/20 in favor of limited partners. The headline IRR and MOIC on this page are project-level — 18.7% (shown rounded to 19%) and 2.2x, before fees and the promote. All cash-on-cash figures on this page are either the raw pre-reserve operating numbers (proforma) or the reserve-supported target schedule under the distribution policy (charts and terms), and each is labeled as such. Distributions follow the written distribution policy: none in Year 1 while the infill leases up, then a target schedule of 3.2%, 4.5%, 5.0% and 6.5% in Years 2–5, supported by an interest reserve sized at closing, with the Year-3 refinance and Year-5 exit delivering the balance of value. Final terms, fee schedule, and minimum investment are governed solely by the private placement memorandum and operating agreement.
How Each Dollar of Profit Flows
1
Return of Capital
100% to investors first, before any profit split.
2
8% Compounding Preferred
Paid in full before the sponsor earns a dollar of promote.
3
Remaining Profits
Split 80/20 in favor of limited partners.
Risks & Mitigants

What Could Go Wrong — and What Absorbs It

The four questions we would ask, answered from the underwriting itself.

The lease-up carries the early years
Year-1 coverage is 0.86x and operations run cash-negative until Year 3 — that is the nature of a heavy-infill plan, and we underwrite it rather than hide it. The interest reserve is sized at closing per the written distribution policy, the full $12.5M home order is funded day one, and coverage reaches 1.37x by Year 3.
Rates stay higher for longer
The senior debt floats at 1-month SOFR plus spread — 6.80% all-in today — with 5.00% strike rate caps. The modeled worst case, +200bps on the index, costs roughly $730K over the five-year hold against $28.7M of equity.
Infill demand disappoints
The surrounding comp set runs 88–98% occupancy, and a new home here rents all-in for less than the average 1-bed apartment. Deliveries are phased over three years, not front-loaded, and the model already absorbs an allowance for scrapped homes and make-readies.
Exit pricing softens
The model already exits nearly a full point above its entry basis — a 6.5% blended cap against 5.7% going in — and the post-sale property-tax reassessment downside is separately quantified at $1.17M over the hold. At a uniform 6.5% exit cap with rent growth cut in half, the portfolio still returns roughly 8–10%.
Complete risk factors and disclosures are provided in the private placement memorandum.
For Belay Investment Group

Interested in the Lake Charles Portfolio?

The full institutional package is ready for your team — underwriting model, rent rolls, trailing financials, market study, and diligence files. We would welcome a working session at your convenience.

Request Institutional Package Schedule a Call
Kristen Kealer
Investor Relations
kkealer@s168p.com
Sage Damiano
Investor Relations
sdamiano@s168p.com
Lorelei Gaffney
Investor Relations
lgaffney@s168p.com