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STUDIO 168
Investor Presentation
Now Accepting Investors

Sun Valley

Two established 55+ resorts — 845 sites in Texas's Rio Grande Valley. Monthly distributions begin 90 days after closing.

18%
IRR
2.1x
MOIC
7%
Yr 1 CoC
Request the Investor Package See the Assets
The Opportunity

Two 55+ Resorts,
One Simple Investment

Built, occupied, and producing $1.24M of trailing‑twelve‑month NOI — no construction, no turnaround. Closing September 2026.

$19.5M
Total Capitalization
Acquisition, capital improvements, closing & reserves
$10.2M
Total Equity
52% of the total project cost
87%
MH Lot Occupancy
281 of 322 MH lots • 523 RV pads separate
48%
Loan-to-Cost
$9.3M senior at 6.80%
The Assets

Two Communities, Ten Miles Apart

Palms, pools, and pickleball. 845 sites across 90 acres.

Alamo, Texas
Casa del Valle
55+ MH / RV Resort • 369 sites
135 / 234
MH Lots / RV Pads
91%
MH Lot Occupancy
123 MH lots occupied • 12 vacant MH lots
Weslaco, Texas
Snow to Sun
55+ MH / RV Resort • 476 sites
187 / 289
MH Lots / RV Pads
85%
MH Lot Occupancy
158 MH lots occupied • 29 vacant MH lots
Explore each community in detailSite maps, survey facts, amenities & photography
Select a community
Casa del Valle — Community Site MapClick to enlarge
Casa del Valle community site map
Site & Survey Facts
Total Sites
135 MH lots + 234 RV pads
369
MH Lot Occupancy
123 MH lots occupied • 12 vacant MH lots
91%
RV Pad Mix
Annual pads / transient pads
85 / 149
Land Area (Zoning)
Observed lot area per PZR zoning report
~35 acres
Zoning
Mobile Home Parks — conforming use
R-MH
Internal Roadway
27,940 SY of community roadway
251,460 SF
In-Place Lot Rent
TOH lot rent at acquisition
$480 / mo
In-Place Annual RV
Transient ADR $30 / night
$385 / mo
Resident Rating
167 public reviews
4.4 / 5.0
Amenity Base
Swimming pool
Pickleball courts
Tennis courts
Clubhouse
Golf outings & social programming
24-hour amenity access
On-site laundry
Sewing & hobby rooms
Named Texas RV Association Park of the Year. Rated 4.4 stars across 167 resident reviews. Pickleball and tennis courts, a heated pool and spa, a clubhouse and dance hall — all open around the clock, and all already built. Residents here measure their time in decades, not seasons.
Heated pool and spa beneath the palms
Heated pool and spa beneath the palms
View all photography8 photos
Gated entrance — Texas RV Association Park of the Year
Gated entrance — Texas RV Association Park of the Year
Heated pool, spa and shuffleboard courts
Heated pool, spa and shuffleboard courts
Pickleball courts
Pickleball courts
Tennis and pickleball complex from above
Tennis and pickleball complex from above
Palm-lined interior street
Palm-lined interior street
Resident-owned homes
Resident-owned homes
Owner-occupied home with cart parking
Owner-occupied home with cart parking
Park model homes
Park model homes
Casa del Valle aerial
Casa del Valle • 1048 N. Alamo Rd., Alamo, TX 78516
Snow to Sun — Community Site MapClick to enlarge
Snow to Sun community site map
Site & Survey Facts
Total Sites
187 MH lots + 289 RV pads
476
MH Lot Occupancy
158 MH lots occupied • 29 vacant MH lots
85%
RV Pad Mix
Annual pads / transient pads
61 / 228
Total Land Area
2,407,782 SF per ALTA/ACSM survey
55.275 acres
Internal Roadway
368,232 SF sealcoat + 22,805 SF overlay
391,037 SF
In-Place Lot Rent
TOH lot rent at acquisition
$495 / mo
In-Place Annual RV
Transient ADR $40 / night
$311 / mo
Resident Rating
143 public reviews
4.3 / 5.0
Amenity Base
Clubhouse with large dance floor
Live music & social programming
Swimming pool
Shuffleboard
Ample resident parking
On-site management office
The larger of the two — 476 sites across 55 acres. A clubhouse with a full dance floor keeps the social calendar busy all winter, alongside a heated pool, covered shuffleboard, and RV sites built for big rigs. Rents here sit 17% below market, the widest gap in the portfolio.
Heated pool and clubhouse
Heated pool and clubhouse
View all photography8 photos
Gated entrance on N. International Blvd.
Gated entrance on N. International Blvd.
Heated pool and clubhouse
Heated pool and clubhouse
Covered shuffleboard courts
Covered shuffleboard courts
Gated access and RV sites
Gated access and RV sites
Big-rig capable RV sites
Big-rig capable RV sites
Resident homes along Palm Drive
Resident homes along Palm Drive
Palm-lined interior street
Palm-lined interior street
Resident-owned home
Resident-owned home
Snow to Sun aerial
Snow to Sun • 1701 N. International Blvd., Weslaco, TX 78596
Compare the two communities15 metrics, side by side
Swipe to see all columns
Metric
Casa del Valle
Snow to Sun
Portfolio
Total Cost
$8.8M
$10.7M
$19.5M
Total Sites
369
476
845
MH Lots / RV Pads
135 / 234
187 / 289
322 / 523
MH Lot Occupancy
91%
85%
87%
Price per Site — Purchase
$16,330
$15,294
$15,690
Price per Site — Total Cost
$23,890
$22,389
$23,044
In-Place Lot Rent
$480
$495
—
NOI — T-12, Seller Basis
$585K
$654K
$1.24M
NOI — Year 1, Fully Loaded
$490K
$547K
$1.04M
Cap Rate — Year 1 NOI
8.13%
7.52%
7.79%
Total Equity
$4.6M
$5.6M
$10.2M
Senior Debt
$4.2M
$5.1M
$9.3M
Loan-to-Cost
48%
48%
48%
Debt Coverage
1.72x
1.58x
1.65x
IRR
19%
17%
18%
MOIC
2.2x
2.1x
2.1x
Seller-basis T-12 excludes management fee, insurance, and G&A, which the seller’s P&L leaves to the buyer. Year 1 is underwritten with that full expense load included — which is why it sits below the seller-basis trailing figure. The full walk is the NOI bridge on the Financials tab. IRR and MOIC are LP-level — net of fees and the 20% promote; project-level returns before the promote are 19% IRR and 2.3x MOIC.
The Demand Driver

The Winter Texan Economy

They drive south every winter. They have been doing it for decades.

~53,000
Winter Texan Households
Seasonal residents across the RGV
$1.9B
Annual Economic Impact
Including visiting family & friends
3.1
Average Months Stayed
20%+ stay four months or longer
26%
Convert to Permanent
"Converted Texans" who stay year-round
Why they come
Warm winters, low cost of living, an easy drive to South Padre Island and Mexico, and a community of people their own age. No competitor can build that — it is the place itself.
Why it matters to returns
More than half of our sites are RV pads, and our model assumes most stay vacant. Each additional RV that arrives for the season is income we did not budget for, earned without further capital.
Why quality wins
These visitors have become selective. Resorts with genuine amenities and attentive management fill first and command higher rates. The amenities are already in place. We supply the management.
Sources: Welcome Home RGV / UTRGV Data & Information Systems Center Winter Texan Economic Impact study; U.S. Census Bureau; BLS.
Mature oak canopy and owner-kept yards
Mature oaks & owner‑kept yards
Pickleball and tennis complex
Pickleball & tennis complex
New resort homes under the palms
New resort homes under the palms
Why This Deal

Five Reasons We're Buying

The entire investment case, in plain language.

01
Bought Below Replacement Cost
845 sites across roughly 90 acres at about $15,690 per site — well below what land, entitlements, and amenity infrastructure would cost to replicate today. These are finished, operating communities.
02
The Income Is Already In Place
322 manufactured-home lots are 87% occupied at approximately $500 per month, and the two communities produced $1.24M of net operating income over the trailing twelve months — income in place before we make a single improvement. This is not a turnaround; it is an operating business we intend to run better.
03
The Upside Is Not in the Projections
523 of the 845 sites are RV pads, and our model assumes most stay vacant. Every incremental winter arrival converts straight to income with no additional capital.
04
Low Debt, Wide Cushion
Leverage is 48% of total cost — well below what the lender would permit — and Year 1 debt coverage of 1.65x means net operating income could fall by roughly 39% before debt service is at risk.
05
Write Off Most of Your Investment in Year One
First-year bonus depreciation is projected at roughly 80% of invested capital — about $120,000 on a $150,000 investment — sheltering the distributions from this investment and, for many investors, other passive income as well. Subject to a formal cost segregation study; consult your tax advisor.
The Plan

Five Years, Start to Finish

Everything is timed around the winter season: improvements in the off-season, rents before booking opens.

Year 1 — Onboard & Optimize
Operational Takeover & Season One
Move each community onto our own management platform in the first 90 days. Get steady on-site teams in place before the November–March season starts. Finish the planned improvements in the off-season, and raise the standard on amenities and resident communication from week one.
Year 1 income: $1.04M
Year 2 — Rate & Utilization
First Full Pre-Season Under Our Own Management
Our first full booking season. Bring rents to market, secure early renewals, push RV occupancy past plan, and bring the expense base in line with the rest of our portfolio.
Year 2 income: $1.21M
Year 3 — Full Stride
Operating at Full Potential
Rents and occupancy at market across home and RV sites alike, with a full activity calendar running. The loan starts paying down principal, and the portfolio is operating at its best.
Year 3 income: $1.36M
Year 4 — Harvest
Peak Cash Flow & Refinance Evaluation
Operations hit full stride — distributions are covered entirely by property cash flow, with rents at market and the expense base running at portfolio standard. We begin evaluating a refinance to reduce interest cost or return capital ahead of schedule.
Year 4 income: $1.54M
Year 5 — Refinance or Realize
Return Investor Capital
Refinance and return a substantial share of investor capital while retaining ownership, or sell into a market that prices well-run 55+ resorts at a premium. Our base case is a sale producing $21.6M in net proceeds.
2.1x equity • 18% IRR
The Deck

The Investor Pitch Deck

The full sixteen-slide presentation — swipe through it here, or tap any slide to enlarge.

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Swipe or scroll sideways · 16 slides · tap to enlarge
Get Started

Interested in Sun Valley?

Request the full investor package for the underwriting model, rent rolls, trailing financials, survey and title documents, market analysis, and risk disclosures.

Request Investor 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. Every return shown is net to limited partners, after fees and promote.

Projected NOI Growth
$1.04M
Year 1
$1.21M
Year 2
$1.36M
Year 3
$1.54M
Year 4
$1.73M
Year 5
5-Year NOI Growth+67%
Cash-on-Cash — LP Distributions Received
6.9%
Year 1
7.0%
Year 2
7.1%
Year 3
7.2%
Year 4
7.5%
Year 5
Cumulative 5-Year Distributions36% of equity
Capital Structure
$19.5M
Total Capitalization
Total Equity$10.2M
Senior Debt — 6.80% fixed$9.3M
Equity includes $508K of GP co-investment — 5% alongside investors.
NOI Bridge — Trailing Actual to Year 5
$1.24M
T-12
Seller NOI
−$202K
Less: Mgmt, Ins.
& G&A
$1.04M
Year 1
Underwritten
+$692K
Rent & Occupancy
Years 2–5
$1.73M
Year 5
NOI
The properties earn $1.24M today as the seller runs them. Add the costs the seller’s P&L leaves out — management fee, insurance, and G&A — and underwritten Year 1 lands at $1.04M. From there, 6% annual rent increases and rising RV occupancy, net of 3% expense growth, build to $1.73M by Year 5.
Year 5 NOI vs seller T-12 — after absorbing the buyer expense load+40%
Financial Detail

Five-Year Operating Proforma

Every line, five years, straight from the model.

View the five-year proformaIncome through to cash flow
Swipe to see all columns
Portfolio ProformaYear 1Year 2Year 3Year 4Year 5
Effective Gross Income$2.69M$2.92M$3.14M$3.38M$3.65M
Operating Expenses($1.65M)($1.71M)($1.78M)($1.85M)($1.92M)
Net Operating Income$1.04M$1.21M$1.36M$1.54M$1.73M
NOI Margin39%41%43%45%47%
Debt Service($633K)($633K)($729K)($729K)($729K)
Distributions to Equity$664K$673K$684K$694K$721K
Cash-on-Cash6.9%7.0%7.1%7.2%7.5%
Base case, five-year hold. Rent growth of 6% against 3% expense growth carries the NOI margin from 39% to 47% across the hold — margin expansion of eight points on an asset already generating cash from day one. The senior loan is interest-only for the first two years at $633K a year, then amortizes on a 30-year schedule at $729K. Distributions in the early years are supported by the operating and interest reserves funded at closing, which is why they run ahead of net operating income less debt service until the rent growth catches up. Cash-on-cash is shown on limited-partner equity.
Capital Structure

Sources & Uses

Where the capital goes and where it comes from. Total capitalization is $19.5M against a $13.3M purchase price.

View sources & usesFive uses, three sources · $19.5M
Uses of Funds
Purchase Price
$13,305,884
Capital Improvements
$1,048,288
Closing Costs
$547,307
Financing Costs & Interest Reserve
$1,778,125
Operating Reserves, Property Taxes, Insurance, Fees, Other
$2,792,849
Total Uses
$19,472,453
Sources of Funds
Senior Loan — 6.80% fixed, 70% LTV
$9,310,000
LP Equity — 95% of total equity
$9,654,330
GP Co-Investment — 5% of total equity
$508,123
Total Sources
$19,472,453
The senior loan is interest-only for two years, then amortizing. An interest reserve is placed with the lender at closing inside financing costs, held in an interest-bearing money market account and drawn down on a measured schedule that reduces the effective carrying cost of the loan. Capital improvements, reserves, and fees are all funded at close. There are no capital calls.
Model Your Returns

Investment Calculator

Drag to see projected limited-partner returns at your investment level, based on the base-case underwriting model.

$250K
$17,200
Year 1 Distributions
6.9% cash-on-cash
$89,000
5-Year Cash Flow
Cumulative distributions
$525K
Total Return
2.1x MOIC
18%
Projected IRR
Net to limited partners
Illustrative only, based on the base-case underwriting model and a five-year hold. Actual results will differ. Not a guarantee of future performance, not an offer to sell securities, and not tax advice.
Pricing & Coverage

Returns, Pricing & Debt Coverage

What a limited partner earns, what we paid for it, and how much cushion sits between operations and the debt service.

LP Returns
Net of all fees and the 20% promote — what a limited partner receives
18% IRR / 2.1x MOIC
Entry Cap Rate
On underwritten Year-1 NOI of $1,036,882 against a $13.3M purchase price • on seller T-12 NOI of $1.24M, the in-place cap is 9.3%
7.79%
Entry DSCR / Debt Yield
$9.31M senior at 6.80%, interest-only Years 1–2, amortizing thereafter
1.65x / 11%
NOI Cushion to Debt Service
Year-1 net operating income could fall this far before coverage reaches 1.00x
39%
Exit Cap Assumption
Applied to Year-6 forward community NOI at the end of Year 5. Raised from 6.00% in the prior model revision
6.50%
Net Exit Proceeds
After 3% selling costs and loan payoff
$20.35M
Project-Level Returns
Before the promote — gross deal performance
19% IRR / 2.3x MOIC
Downside Protection

Stress-Tested Across the Range

Cut rent growth in half and the deal still returns roughly 14%.

Levered IRR — Exit Cap vs. Rent Growth
Swipe to see all columns
Exit Cap \ Rent Growth
2%
3%
4%
5%
6%
7%
4.5% cap
23%
25%
26%
28%
29%
31%
5.0% cap
20%
22%
23%
25%
26%
28%
5.5% cap
18%
19%
21%
22%
24%
25%
6.0% cap
15%
17%
18%
20%
21%
23%
6.5% cap
13%
14%
16%
17%
19%
20%
Base case shown on this page
Indicative levered IRR, five-year hold, repricing the base-case NOI path. The outlined cell is the base case carried throughout this site: a 6.5% exit cap with 6% rent growth. Directional; final terms and returns are governed by the offering documents.
Underwriting Confidence

Why These Numbers Hold Up

Base case, five-year hold. Five reasons the projections above rest on evidence rather than optimism.

Read the five reasons5 notes
01
The property-tax reduction is already won
The seller successfully contested the assessed valuation and secured a reduction of several million dollars. That decision carries forward, which is why underwritten property tax sits materially below the trailing statements — a realized expense reduction the portfolio inherits at closing rather than a projection. We retain a dedicated Texas property-tax protest firm across the portfolio to defend it.
02
Rent growth is backed by four years of actual increases
Underwriting assumes 6% rent growth. Current ownership has raised rent every year for four consecutive years at Casa del Valle and Snow to Sun, with no missed cycle. The most recent increases — $28 at Casa del Valle and $27 at Snow to Sun — run roughly 5.6–5.8% on in-place rent. The assumption is approximately what this inventory has already been delivering.
03
Fully funded at closing — no capital calls
These are stabilized, income-producing communities today, so our work is operational rather than remedial. The capital structure is funded in full on day one, including an interest reserve placed with the lender in an interest-bearing money market account and drawn down on a measured schedule, reducing the effective carrying cost of the senior loan as it goes. There are no capital calls. Distributions begin 90 days after closing and are paid monthly thereafter.
04
RV utilization is underwritten below what the properties already do
523 of 845 sites are RV pads, and transient utilization is modeled conservatively — 21.9% in Year 1 at Casa del Valle and 3.9% at Snow to Sun, with annual RV rates marked only 1–2% above in place. Winter Texan demand above those levels is upside that is not in the return.
05
Substantial first-year tax efficiency
Year-1 bonus depreciation of roughly $8.1M — approximately 80% of total equity — from 100% bonus depreciation on 5-year personal property and 15-year land improvements subject to a formal cost segregation study. For qualifying investors this is a material after-tax enhancement on top of the cash returns.
Performance Context

How MHC Compares to Other Asset Classes

Manufactured housing and 55+ resort communities have historically outperformed traditional real estate and public market benchmarks on a risk-adjusted basis.

Sun Valley 55+ Portfolio
18%
IRR (LP)
2.1x
MOIC
Traditional Multifamily
12%
Avg IRR
1.6x
MOIC
S&P 500
10%
Avg Annual Return
1.5x
5-Year Multiple
Self-Storage
13%
Avg IRR
1.7x
MOIC
10-Yr Treasury
4.3%
Current Yield
1.2x
5-Year Multiple
Sources: NCREIF, Bloomberg, JLT / Datacomp MHC benchmarks. Multifamily and self-storage figures are five-year value-add benchmarks, not this transaction. The Sun Valley figure is a projection from the base-case model, not a realized return. Past performance is not indicative of future results.
Get Started

Interested in Sun Valley?

Request the full investor package for the underwriting model, rent rolls, trailing financials, survey and title documents, market analysis, and risk disclosures.

Request Investor 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
The Valley

One Corridor, Two Communities

Ten miles apart on the road that runs the length of the Valley — surrounded by twelve properties Silver Lands already operates, fifty-one miles from the fastest-growing address in Texas.

Swipe to explore the map
I‑2 / US‑83 CORRIDOR MEXICO GULF OF MEXICO Edinburg South Padre Island Mission — Canyon Lake Resort, Circle T, Patriot Pointe, Winter Springs · 1,031 units×4Mission McAllen — Citrus Valley · 239 unitsMcAllen Alamo — Alamo Paradise Acres, Ka'Anali Apartments · 169 units×2 Donna — Big Valley, Koenig Winter Resort · 322 units×2Donna Harlingen — Willow Ridge Apartments · 124 unitsHarlingen San Benito — First Colony · 149 unitsSan Benito Brownsville — Rio 168 · 127 unitsBrownsville Starbase SpaceX headquarters Casa del Valle Alamo Snow to Sun Weslaco
Our two communitiesSpaceX StarbaseI‑2 / US‑83 corridorSilver Lands portfolio today — 12 properties · 2,161 units
~1.4M
Rio Grande Valley Population
Four counties — Hidalgo 921,549 • Cameron ~435,000
5th
Largest MSA in Texas
McAllen–Edinburg–Mission, anchored by 22 cities
471,500
Jobs Across the Valley’s Two MSAs
McAllen 310,300 • Brownsville–Harlingen 161,200
~53,000
Winter Texan Households
$1.9B annual regional impact
Market Analysis

The Rio Grande Valley

Four counties and 1.4 million people anchored by two metro areas — growing fast, short on housing, priced well below Austin or Dallas. Both communities sit in Hidalgo County, its largest.

Healthcare & Education: The Region's Economic Engine
Education and health services is the Valley’s largest employment sector — roughly 144,500 jobs across the two metro areas, about 98,000 in McAllen–Edinburg–Mission and 46,500 in Brownsville–Harlingen — and still expanding at about 3.6% a year on the Hidalgo side. It is the concentration you would expect in the medical hub of deep South Texas.
~144,500
Ed & Health Jobs, Valley‑wide
+3.6%
YoY Growth
Population Growth Without the Texas Triangle Premium
The four-county Valley grew from roughly 1.38 million residents in the 2020 census to about 1.44 million by 2026, led by Hidalgo County — the state’s ninth-most populous and the largest outside the Texas Triangle. Hidalgo officials have argued their true count is closer to 1.2 million based on housing permits and utility usage. Growth is arriving without the land-cost inflation of Austin, Dallas, or Houston.
~1.44M
Four‑County RGV, 2026
+5%
Growth Since 2020
The Cross‑Border Trade Gateway
The Pharr–Reynosa bridge now crosses roughly $50 billion of trade a year and is the nation’s top produce crossing — its $120M expansion, completed in January 2026, doubles cargo capacity. With bridges from Mission to Brownsville, the Valley sits directly in the path of North American nearshoring.
$50B
Annual Trade at Pharr Bridge
#1
U.S. Produce Crossing
A University Pipeline of 35,000+
UTRGV opened Fall 2025 with 35,812 students — its sixth consecutive record and up more than 26% over the decade — with its School of Medicine graduating physicians who train and stay in the Valley. It is among the fastest‑growing universities in the country.
35,812
UTRGV Enrollment, Fall 2025
+26%
Growth Over the Decade
A Deep‑Water Port Anchoring $29B
The Port of Brownsville is the only deep‑water seaport on the U.S.–Mexico border, and it now anchors more than $29 billion of committed LNG investment — Rio Grande LNG’s $25.1B buildout and Texas LNG’s $4B terminal — plus a new Texas A&M workforce center feeding it.
$29B+
Committed LNG Investment
Only
Deep‑Water Border Port
Rio Grande Valley Employment — Both MSAs Combined
Education/Health
144,500
Government
89,800
Trade/Transport/Util.
83,400
Leisure/Hospitality
52,300
Prof./Business Svcs
41,700
Financial Activities
15,900
Construction
13,500
Manufacturing
13,500
Source: U.S. Bureau of Labor Statistics, Current Employment Statistics, May–June 2026 (preliminary) • McAllen–Edinburg–Mission + Brownsville–Harlingen MSAs combined • Total nonfarm: 471,500
The SpaceX Effect

The Valley Is Being Rebuilt Around a Rocket Company

SpaceX is headquartered in this valley. In June 2026 it completed the largest public offering in the history of the stock market.

$13B
Gross Economic Output
Injected into the Rio Grande Valley, 2024–2026
24,000
Local Jobs Supported
Across the region, per Cameron County
~8,000
Starbase Workforce
Roughly doubling in 2026 • ~70% hired locally
$1.75T
SpaceX Valuation
Largest IPO in stock market history, June 2026
A Fortune-scale headquarters relocated into the Valley
SpaceX moved its corporate headquarters from Hawthorne, California to Starbase — now an incorporated city and the newest in the Rio Grande Valley. Starship production, launch operations, and corporate functions all sit inside the region. More than $305 million in indirect taxes and $147 million of local supply-chain spending flow into Valley schools, services, and businesses.
The largest IPO ever completed belongs to a Valley company
On June 12, 2026 SpaceX listed on the Nasdaq at $135 per share, raising roughly $75 billion at a valuation near $1.75 trillion — the largest public offering in market history, larger than Saudi Aramco. Shares closed their first day up 19%. The capital behind that listing is directed at operations headquartered in South Texas.
Six modes of transportation, and one of them is space
Cameron County is one of only two counties in Texas — alongside Harris County — with all six modes of transportation: seaport, airport, highway, rail, pipeline, and space. That infrastructure is what pulled SpaceX in, and it is what will pull in what comes next.
Why it matters to this deal: regional transformation of this scale lifts population, household income, tourism, and land values across all four Valley counties. It broadens the buyer pool at exit, it supports long-run land value beneath these 90 acres, and it makes the Valley a more compelling destination for exactly the retirees and Winter Texans who fill these communities every season.
Sources: Starbase Local Impact Report prepared by Space Exploration Technologies Corp. and released by Cameron County; Rio Grande Valley Business Journal; Reuters; CNBC; NPR.

Capital is arriving across the entire Valley — from a $29B LNG buildout at the port to projects twenty minutes from the front gate

$25.1B
Rio Grande LNG — Port of Brownsville
One of the largest privately funded industrial projects in Texas history is under construction at the Port of Brownsville: an $18.4 billion first phase targeting first exports in 2028, plus a $6.7 billion fourth train green‑lit in September 2025 — with a fifth train in planning behind it.
$4B
Texas LNG — Port of Brownsville
Glenfarne’s 4‑mtpa export terminal took its major step toward construction in July 2026 — contractor Kiewit began engineering and long‑lead equipment purchases ahead of a final investment decision expected by year‑end, with 975 construction jobs to follow.
$225M
Valeo Advanced Manufacturing — McAllen
The French automotive technology group broke ground in March 2026 on a 337,000 square foot advanced manufacturing plant, investing $225 million over five years. City officials called it the largest single industrial investment in Hidalgo County history — a project of a magnitude the Valley has not seen in more than thirty years.
~500 jobs
McAllen Industrial Park Expansion
A $6 million U.S. Department of Commerce grant awarded in July 2026 will fund roads, water, and sewer to expand McAllen's 47-acre industrial park, with officials projecting nearly 500 jobs and further private manufacturing investment behind it.
308 acres
Weslaco Industrial Capacity
Snow to Sun's own city has brought online the 150-acre Mid Valley International Industrial Park plus a newer 158-acre park. The Weslaco EDC ran 22 active projects in its most recent fiscal year, adding 155 jobs and $13.7 million of capital investment.
$120M
Pharr International Bridge Expansion
The Valley’s top produce crossing — and one of the busiest commercial bridges on the U.S.–Mexico border — completed a $120 million expansion in January 2026 that doubles its cargo capacity on the corridor carrying North American nearshoring trade.
$52M
Shops at Mercedes — I‑2 Corridor
A 28‑acre national retail center — Marshalls, Burlington, Ross, Boot Barn — under construction on I‑2 at Mercedes, minutes from Snow to Sun. National retailers commit where rooftops and incomes are growing.
5th largest
MSA in Texas
The McAllen–Edinburg–Mission–Pharr metropolitan area is the fifth-largest in Texas, anchored by 22 cities and served by two international bridges into Reynosa — putting it directly in the path of North American nearshoring.
Sources: NextDecade / Global Energy Monitor; Glenfarne Group; RGV Business Journal; FreightWaves; Texas Border Business; McAllen Economic Development Corporation; Weslaco Economic Development Corporation; Hidalgo County Economic Development.
Rent Positioning

Embedded Mark-to-Market

Rents at each community sit below surveyed market today. That gap converts to income on renewal without any capital spend.

Casa del Valle
$480 in place · $520 market
$480
$520
+8%
Snow to Sun
$482 in place · $565 market
$482
$565
+17%
Portfolio average
$481 in place · $545 market
$481
$545
+13%
In-place rent todaySurveyed market rent
In-place site rent against surveyed market rent. That gap is embedded upside available on renewal without a dollar of capital — and it sits on top of the market's own rent growth, not instead of it. Source: third-party offering memorandum rent survey.

Proven ability to capture it — four straight years of increases, not one missed cycle

Casa del Valle
February increase cycle
+$20
2023
+$14
2024
+$27
2025
+$28
2026
Cumulative since 2023+$89
Snow to Sun
August increase cycle
+$26
2023
+$29
2024
+$29
2025
+$27
2026
Cumulative since 2023+$111
The most recent increases — $28 at Casa del Valle and $27 at Snow to Sun — represent roughly 5.6–5.8% on in-place rent. That is the practical support for the 6% rent growth in the underwriting: it is not a projection of what might be achievable, it is approximately what this ownership has already achieved four years running, in a 55+ resort where residents renew season after season.
Supply & Competitive Position

Why This Inventory Cannot Easily Be Replaced

New 55+ resort supply is effectively zero at this scale
Delivering 369 or 476 amenitized sites in Hidalgo County today would require assembling 35 to 55 acres, entitling it, and building pools, clubhouses, tennis and pickleball courts, and full utility infrastructure. Against in-place resort revenue in this market, that math does not work — which is why the competing product is almost entirely decades-old.
Amenity depth is the moat
Casa del Valle carries tennis and pickleball courts, a heated pool and spa, a fitness center, billiards, a dance hall, and a library, and was named Texas RV Association Park of the Year. Snow to Sun carries a comparable package. In the 55+ segment, amenity depth is the primary driver of seasonal rate and of renewal, and it is the hardest thing for a competitor to add after the fact.
Neither community sits in a flood zone
Neither property is mapped inside a FEMA flood zone — not a given in the Rio Grande Valley, and it matters to insurance cost and lender appetite alike.
The Data

Market Data Summary

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

View the full data table37 figures, each sourced
Swipe to see all columns
MetricValueSource
Rio Grande Valley population, four counties~1.4MU.S. Census Bureau, 2026 est.
Cameron County population (2026 est.)~435,000U.S. Census Bureau est.
Brownsville–Harlingen MSA nonfarm employment161,200Federal Reserve Bank of Dallas, June 2026
Hidalgo County population (2025 est.)921,549U.S. Census Bureau
Population growth, 2020–2025+5.8%U.S. Census Bureau
Rank among Texas counties9thU.S. Census Bureau
MSA total nonfarm employment310,300BLS CES, May 2026
MSA employment growth, YoY+1.2%BLS CES, May 2026
MSA unemployment rate6.1%BLS LAUS, May 2026
Education & health jobs, both MSAs~144,500BLS CES, May–June 2026
Education & health services jobs, McAllen MSA~98,000BLS CES, May 2026
Education & health growth, YoY+3.6%BLS CES, May 2026
MSA mean hourly wage$21.54BLS OEWS, May 2024
National mean hourly wage$32.66BLS OEWS, May 2024
Hidalgo County median home sale price$249,000Redfin, Aug 2025
Winter Texan households in the RGV~53,000Welcome Home RGV / UTRGV
Winter Texan annual economic impact$1.9BWelcome Home RGV / UTRGV
Average Winter Texan stay3.1 monthsWelcome Home RGV / UTRGV
Winter Texans converting to permanent26%Welcome Home RGV / UTRGV
Flood zone — each communityNoneSunstone OM property fact sheets
SpaceX gross economic output, RGV 2024–2026$13BCameron County / SpaceX
Local jobs supported by Starbase~24,000Cameron County / SpaceX
Starbase workforce target, 2026~8,000Cameron County / SpaceX
Indirect taxes generated by Starbase$305M+Cameron County / SpaceX
SpaceX IPO valuation (June 2026)~$1.75TReuters / CNBC / NPR
Valeo investment, McAllen$225MTexas Border Business
Largest industrial investment in county historyValeo, 2026City of McAllen
McAllen industrial park federal grant$6MU.S. Dept. of Commerce EDA
Weslaco industrial park capacity308 acresWeslaco EDC
Annual trade across the Pharr–Reynosa bridge~$50BRio Grande Guardian; City of Pharr
UTRGV enrollment, Fall 202535,812UTRGV
Rio Grande LNG investment (Phase 1 + Train 4)$25.1BNextDecade; Global Energy Monitor
Rio Grande LNG first exports targeted2028NextDecade; Global Energy Monitor
Texas LNG investment (FID expected 2026)$4BGlenfarne Group; RGV Business Journal
Pharr International Bridge expansion$120MRGV Business Journal; FreightWaves
Shops at Mercedes retail development$52MRGV Business Journal
McAllen–Edinburg–Mission MSA rank in Texas5th largestHidalgo County EDC
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Interested in Sun Valley?

Request the full investor package for the underwriting model, rent rolls, trailing financials, survey and title documents, market analysis, and risk disclosures.

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Kristen Kealer
Investor Relations
kkealer@s168p.com
Sage Damiano
Investor Relations
sdamiano@s168p.com
Lorelei Gaffney
Investor Relations
lgaffney@s168p.com
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 more in an amenity-driven 55+ resort than in any other MHC format.
Aligned Incentives
GP co-invests 5% of equity alongside LPs and earns its 8% preferred return on the same terms. Promote is 20% of profits above the pref.
Institutional Process
Rigorous 5-phase due diligence framework. Institutional-grade reporting. Monthly distributions and monthly investor updates with full financial transparency.
Investment Terms

Aligned Interests, Transparent Structure

EntitySun Valley 168, LLC
Preferred Return8% compounding
GP Promote20%
Asset Mgmt Fee1.5% / yr
Acquisition Fee2.0% of price
GP Co-Investment5% of equity • $508K
Minimum Investment$150,000
Target Hold5 years
Target CloseSept 2026
DistributionsMonthly
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 IRR and MOIC shown throughout this page are LP-level — 18% and 2.1x — net of fees and the promote. Project-level returns before the promote are 19% IRR and 2.3x MOIC. The asset management fee is funded at closing from equity. 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.

RV demand is seasonal
The base case assumes most of the 523 RV pads stay vacant. The 322 manufactured-home lots at 87% occupancy carry the underwriting — a soft winter season hurts upside, not the model.
Rates stay higher for longer
The $9.31M senior loan is fixed at 6.80% with 48% loan-to-cost and 1.65x day-one debt coverage. The Year 4–5 refinance is an option to accelerate returns, not a requirement of the plan.
Occupancy slips
Year-1 debt coverage of 1.65x means net operating income could fall by roughly 39% before debt service is at risk, and a funded interest reserve supports loan payments through the first three years.
Exit pricing softens
The model already exits at a 6.50% cap rate — raised from 6.00% in a prior revision — and returns roughly 14% even with rent growth cut in half. The full sensitivity grid is on the Financials tab.
Complete risk factors and disclosures are provided in the private placement memorandum.
Get Started

Interested in Sun Valley?

Request the full investor package for the underwriting model, rent rolls, trailing financials, survey and title documents, market analysis, and risk disclosures.

Request Investor 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