Real Deals: 15% Above Projections on a “Risky” Deal Everyone Else Passed Up

Episode Summary

In this case study, host Kevin Bupp details the acquisition and ongoing execution strategy behind the Meadows of North Lewisburg and South Towne Meadows, a 323-unit manufactured housing community portfolio located in the Greater Columbus, Ohio metropolitan area. Purchased by Sunrise Capital Investors in September 2023 for $20 million, the deal presented immediate operational complexity due to approximately 200 park-owned rental homes, a dynamic that historically leads many real estate investors to pass. The core thesis of the acquisition centered on taking advantage of the strong Columbus economic engine and converting the park-owned rental units into resident-owned homes over a multi-year timeframe. Rather than replacing the existing on-site management team during due diligence, Sunrise provided structured systems, clear expectations, and leadership resources, which transformed the team and brought collection rates up to 100%. Nearly three years post-acquisition, the portfolio’s net operating income (NOI) is performing roughly 15% above original underwriting projections, driven by superior occupancy, rent collections, and lower-than-budgeted capital expenditures. A successful cash-out refinance was completed on South Towne Meadows, returning capital to investors while preserving long-term asset ownership. The primary lesson for real estate investors and business owners is that macro market fundamentals cannot be fixed after purchase, disciplined execution matters more than theoretical spreadsheet modeling, and perceived operational complexity often creates superior risk-adjusted investment opportunities.

Key Takeaways

• Differentiate between temporary operational complexity and permanent asset risk to capitalize on high-value investment opportunities that other buyers overlook.
• Evaluate macro market strength and local economic drivers above all else, as physical real estate assets and operations can be improved, but underlying market fundamentals cannot.
• Underwrite conservative assumptions regarding bad debt, rent growth, and turnaround timelines to maintain financial safety margins and consistently outperform projections.
• Provide existing personnel with clear operational systems, accountability, and leadership support before assuming poor performance requires staff replacement.
• Focus on consistent, micro-level execution across collections, maintenance, and resident retention to build substantial portfolio value over time.

Key Topics Covered

• Manufactured housing community portfolio acquisition and underwriting
• Distinguishing between temporary operational uncertainty and permanent investment risk
• Converting park-owned homes into resident-owned homes
• Greater Columbus, Ohio economic growth drivers and affordable housing demand
• Operational turnarounds, management leadership, and systemized rent collections
• Portfolio value creation, cash-out refinancing, and capital return strategies

Episode Chapters

00:00 Introduction to the Real Deals Case Study Series Kevin Bupp introduces the behind-the-scenes case study format focusing on practical decision-making, underwriting, and operational execution at Sunrise Capital Investors.

01:51 Deal Overview: The $20M Columbus Portfolio Overview of the Meadows of North Lewisburg and South Towne Meadows acquisition, comprising 323 manufactured housing units outside Columbus, Ohio.

02:41 Distinguishing Uncertainty from Permanent Risk Discussion on why investors fail by confusing temporary operational friction with structural risk, and how pattern recognition guides deal evaluation.

03:14 Re-evaluating the Portfolio Valuation How a secondary evaluation of the deal with a broker revealed that newer-vintage park-owned homes carried significantly higher value than initially underwritten.

05:23 Market Selection: The Greater Columbus Engine Analysis of why macro market fundamentals, population growth, and regional job expansion make Greater Columbus an ideal location for affordable housing.

06:40 The Park-Owned Home Thesis and Conversion Model Exploring the operational decision to buy a property with 200 park-owned rental homes and the multi-year business plan to convert renters into homeowners.

08:29 Conservative Underwriting vs. Real-World Execution Why Sunrise Capital underwrites conservative bad debt, slower occupancy growth, and realistic conversion timelines to ensure investment safety.

09:19 Post-Closing Operations and Value Creation Why real estate value creation relies on day-to-day operational execution rather than transaction mechanics or theoretical spreadsheet modeling.

12:13 Transforming On-Site Property Management How providing clear systems, support, and regional leadership turned an underwhelming property management team into top portfolio performers.

14:08 Systemizing Collections to Achieve “Zero Hero” The implementation of strict collection schedules, clear resident expectations, and structured processes to reach 100% rent collection rates.

15:18 Compounding Value Creation in Commercial Real Estate Breakdown of how minor incremental improvements in expenses, curb appeal, collections, and infill projects aggregate into millions in asset value.

17:20 Portfolio Financial Performance and Refinancing Reviewing financial results nearly three years in, including NOI 15% above projections, successful refinancing on South Towne Meadows, and future plans.

19:33 Takeaways for Passive Investors and Business Operators Key lessons on evaluating operator track records, prioritizing target markets, aligning capital, and recognizing opportunity in complex assets.

Full Transcript

[Transcript begins]

Kevin Bupp: Our long-term vision was to convert those residents into homeowners. Now, on a spreadsheet, that’s incredibly easy to do, right? I can make a spreadsheet look however you want me to make it look. You simply plug in a number, convert 25 homes this year, 30 homes next year. You know, everything works as it’s supposed to, but unfortunately, real life doesn’t operate like an Excel model. Hey, guys, welcome back to the show. Today, we’re going to be diving into another installment of a series that I’ve been really enjoying producing today.

Kevin Bupp: If you’ve listened to the last couple of episodes, you know exactly what the series is all about. Instead of interviewing another guest or talking through a market trend, I’m taking you behind the scenes of actual deals that we purchased and currently own here at Sunrise Capital Investors. The goal isn’t to give you a, you know, a polished version. It’s not to, you know, just talk about the wins, which is typically what most people just talk about. They focus on.

Kevin Bupp: And it’s certainly not to pretend that every deal goes exactly according to plan. Instead, I want to walk you through these investments exactly as they happened. You know, we’ll talk about how we found them, why we liked them, why we underwrote them, and what surprised us along the way, and what went better than expected and what didn’t. And most importantly, the lessons that we’ve learned along the way. Because I believe there’s far more value in understanding the decision-making process than simply hearing the final outcome of a deal.

Kevin Bupp: If you’ve listened to our Ridgebrook Hills case study, that story was about perseverance. It was about staying committed to a business plan, even when reality threw us multiple curveballs along the way. Today’s story is a little different. This isn’t a story about overcoming massive adversity. It’s a story about conviction. It’s about trusting your underwriting, trusting the data, and trusting your team.

Kevin Bupp: And it’s about having the confidence to invest in opportunities that others might overlook because they appear more complicated on the surface. One of the biggest mistakes I see investors make is confusing uncertainty with risk. Those two things aren’t the same. Some of the best investments that we’ve ever made looked uncertain on day one. But uncertainty isn’t necessarily dangerous if you truly understand what you’re looking at.

Kevin Bupp: Today’s case study is exactly that story. Today we’re talking about two manufactured housing communities that we acquired back in September of 2023, the Meadows of North Lewisburg and Southtown, located in the Greater Columbus MSA. Together, these two communities total 323 home sites, and we purchased them as a portfolio for $20 million. Nearly three years later, they become some of the better performing acquisitions in our portfolio. But if you looked at these communities on paper before we bought them,

Kevin Bupp: there’s a pretty good chance you might have passed. And honestly, many buyers did. But today, I’m going to explain why. Before we get into the specifics of these two deals, I want to spend a minute talking about something that’s shaped how I’ve invested over the last couple of decades. As investors, our job isn’t to eliminate uncertainty. That’s nearly impossible to do. Our job is to understand it better than the next person. I want you to think about that for a second. Okay.

Kevin Bupp: Every investment has uncertainty. Every business has uncertainty and every entrepreneur or venture has some type of uncertainty along with it. The question isn’t whether uncertainty exists. That question is, can you identify which risks are permanent and which are just temporary? Because if you make…

Kevin Bupp: temporary problems, permanent ones, you’ll pass on some incredible opportunities. But on the flip side of that, if you mistake permanent problems for temporary inconveniences, you’re gonna lose a lot of money, right? That’s why experience matters, that’s why pattern recognition matters, and that’s why data matters more than anything else.

Kevin Bupp: And that’s exactly what happened with this acquisition. Interestingly enough, this wasn’t the first time that we had looked at these two communities. In fact, we had looked at them roughly a year or so earlier. And at that time, it was a direct to owner conversation.

Kevin Bupp: There wasn’t a broker involved. The owner and I had multiple conversations. We dug into the portfolio. We evaluated it. We underwrote it. And ultimately, we couldn’t get there. We couldn’t get to their pricing. At that point in time, they were somewhere in the mid $17 million range. That’s what they wanted for this community.

Kevin Bupp: At that point in time, we were underwriting these two properties somewhere in the mid $17 million range. The problem was that the seller actually needed considerably more, and it was a fairly meaningful difference. There was a pretty big delta there in what the seller was asking to what we could come up with as far as our underwriting. So we moved on. We’re very diligent. However, we’re very disciplined when it comes to our numbers. There was no hard feelings, and sometimes that’s just simply part of the business. Fast forward about a year, the portfolio comes back across our desk.

Kevin Bupp: This time, it actually comes to us through a broker relationship that we worked with for many years. It still wasn’t broadly marketed. It wasn’t blasted out to hundreds of buyers. It was quietly shown to a handful of groups. Fortunately, we were one of them. But something had changed over that year. Several things had changed. Number one, the seller had increased rents. Collections had improved significantly. The operating history was quite a bit stronger. And perhaps I think most importantly, we spent considerably more time understanding the park-owned homes.

Kevin Bupp: Originally, we had undervalued them. As we dug deeper, we realized something very important. These weren’t old, worn-out homes, which is fairly typical with a community that has a lot of park-owned homes, but these were much newer vintage models. Many had substantially more value than we had originally assigned to them.

Kevin Bupp: Once we properly adjusted those assumptions, that $2 million delta disappeared. Sometimes the difference between a deal happening and not happening, it’s not really even negotiation at all. It’s just understanding the value more accurately. That became one of the first lessons from this particular acquisition. So let’s talk about why we like these parks so much. First, the market.

Kevin Bupp: You know, if you’ve listened to this podcast for any length of time, then you probably heard me say this a dozen or more times. You can fix a property, but you cannot fix a market. Markets matter more than anything else. They’re the foundation underneath every single investment. And Columbus, Ohio has been one of my favorite Midwestern markets for many, many years now.

Kevin Bupp: You know, it’s consistently been one of the fastest growing metropolitan areas in the Midwest. Population growth has remained incredibly strong. Job growth is strong. Major employers continue expanding into this region. Household incomes continue rising. Home prices have appreciated substantially over the past decade. And when homeownership becomes more expensive, affordable housing becomes even more valuable. And that’s exactly where manufactured housing shines. These two communities aren’t located downtown.

Kevin Bupp: They’re roughly 30 to 40 minutes outside of Columbus. You know, some investors viewed this as a negative. We viewed it very differently. We dug into the data. The surrounding community still benefited enormously from Columbus’s economic engine. Residents could enjoy significantly more affordable housing while remaining within your commuting distance of one of the strongest employment markets in the Midwest. That’s a tradeoff many families are very happy to make. Again, you need to trust the data, not your emotions.

Kevin Bupp: There was also another reason that many investors likely passed on this opportunity.

Kevin Bupp: And this is the big one. This is probably the biggest hurdle that we felt we had to overcome here. The portfolio contained approximately 200 park owned homes. Now, for those that aren’t familiar with manufactured housing, let me explain why that’s important. At Sunrise, our preferred business model is resident owned homes. We want our residents to own their homes and lease the land from us. You might ask why. Because homeowners behave differently than renters. Homeowners typically stay a lot longer. They take better care of their homes. They have better pride of ownership.

Kevin Bupp: They’re more invested in the community neighborhood itself. They create much longer stability. And from a financing perspective, lenders generally provide much better loan options for communities with predominantly resident owned homes. Out of the roughly 288 occupied sites when we acquired them, approximately 200 homes were rentals that were owned by the seller of these parks. Many buyers would have looked at it and immediately moved on. It’s just not a good fit for a lot of mobile home park buyers. But we didn’t. Instead, we asked a very different question.

Kevin Bupp: Could these rentals become homeowners over time? If the answer was yes, then what initially looked like a weakness could actually become one of the biggest value creation opportunities in the entire deal. And so that became our thesis. Not that it would happen overnight. Not that it would be easy at all. But that over a three to five year period of time, we could systematically convert those park owned homes into resident owned homes. And would it take time? Absolutely. Would it require a lot of systems and processes that we didn’t have in our business at that point? Without question. Yeah.

Kevin Bupp: Would it require sales process, financing partners, a lot of different operational discipline? Of course it would, but those are execution challenges, not market challenges. Again, the market was incredibly strong. As long as we could execute, this deal was a big winner. One of the themes that you’ll probably hear throughout this case study is that the spreadsheet told one story, but reality told a completely different one.

Kevin Bupp: And thankfully, reality ended up being even better. You know, we just like we always do, we underwrote the deal very conservatively. We assumed a rent growth that looking back now was probably a little bit too conservative. We assumed higher bad debt. We assumed collections would take longer to improve. And we assumed that occupancy growth would be quite a bit slower. And you might ask why. Yeah.

Kevin Bupp: Because that’s how we’ve always approached investing. I’ve always been under the impression and have believed in the idea behind slow and steady always wins the race. And that is very, very true in real estate investing. I’d much rather under promise and over deliver than the other way around. Our investors trust us because we’re disciplined, not because we’re optimistic. And there’s a big difference between those two things. And in this case, that discipline paid off big time. So now let’s talk about what actually happened after we closed on the deal.

Kevin Bupp: Because this is where investing becomes real. Buying the deal is exciting. Everyone, champions, rah, rah, rah, great job, awesome job closing the deal. Closing day is exciting, no doubt. But here’s something that I’ve learned after doing this for more than 20 years. It’s really just the starting line. It’s not the finish line.

Kevin Bupp: The real work begins the day after you wire that money to the closing agent. And that’s something that I think a lot of new investors underestimate. They spend months trying to find a deal, negotiate a deal, close a deal, but very little time thinking about what actually happens once they own it. And I think we’ve kind of seen that play out over the last five years with a lot of multifamily operators, a lot of folks getting into the business, a lot of folks brand new, kind of wet behind the ears, and ultimately finding themselves in a challenging situation

Kevin Bupp: when the actual market takes a slight turn, right? When something they’re not prepared for, and really it’s due to a lack of experience and really not understanding how to execute on a business plan. At Sunrise, we often say that acquisitions creates the opportunity, but operations create the value. This portfolio is a perfect example of that.

Kevin Bupp: When we bought these communities, we knew exactly what the biggest variable was going to be. Again, it wasn’t the market. It wasn’t the infrastructure. In fact, these communities were built back in the early 90s. So it was fairly newer infrastructure in the world of mobile home parks. It wasn’t even deferred maintenance. While there was some deferred maintenance, that wasn’t really a concern of ours. And collections weren’t great, but the biggest concern wasn’t collections.

Kevin Bupp: It was the park-owned homes that I had mentioned. Again, roughly 200 occupied homes that were owned by the park. These were rental homes. And that wasn’t a part of our long-term business model. Our long-term vision was to convert those residents into homeowners. Now, on a spreadsheet,

Kevin Bupp: That’s incredibly easy to do, right? I can make a spreadsheet look however you want me to make it look. You simply plug in a number, convert 25 homes this year, 30 homes next year, 20 the following year. Beautiful. You know, everything works as it’s supposed to. But unfortunately, real life doesn’t operate like an Excel model.

Kevin Bupp: Every single conversion of a park-owned home requires a conversation with a resident. It requires financing in most situations, requires quite a bit of paperwork, coordination. And sometimes the resident, they’re not ready. They don’t want to be a homeowner. Maybe the financing might fall through. And just sometimes life can get in the way. And…

Kevin Bupp: You know, that’s what I always tell people. The spreadsheet, really, that’s the easy part. Again, I can financially fabricate whatever model you’d like to see, and I can make it look absolutely beautiful and very profitable. But execution of actually rolling out a business plan, not just on a spreadsheet, but in real life, is where value gets created.

Kevin Bupp: Now, I want to tell you about something that generally surprised me with this deal. And honestly, this has very little to do with real estate. It’s really about leadership. During our due diligence, we spend quite a bit of time with the on-site management team. In this situation, it was a mother and daughter team that had managed these communities for over a decade. You know, I’ll be completely transparent. I wasn’t impressed at all.

Kevin Bupp: I remember walking away thinking very confidently that we would probably need to replace this mother and daughter team after closing. And it’s not because they weren’t good people. I mean, they were pleasant. I just didn’t think that they were operating at the level that we expected and that we needed them to operate at. And looking back.

Kevin Bupp: I was very wrong here. And I’m glad that I was wrong because once we closed on these properties, instead of immediately replacing them, we did something quite a bit different, quite the opposite. We gave them support, we gave them the systems, we gave them accountability, we gave them the resources, and we gave them experienced regional leadership and we gave them very clear expectations of what we wanted to do, what our expectations were, and something very remarkable happened. This mother and daughter team absolutely flourished.

Kevin Bupp: And today, they’re one of the best performing management teams on our entire portfolio. I want you to think about that for a second. The people that I originally thought needed replacing ended up becoming one of our greatest strengths.

Kevin Bupp: That taught me an important lesson as a leader. Sometimes poor performance isn’t a people problem. It’s a leadership problem. Sometimes people simply haven’t been given the environment to succeed. And I think a lot of business owners can relate to this. How often have you looked at an employee and immediately assumed that they weren’t capable? Maybe they weren’t, but maybe they just never had the systems. Maybe nobody ever took the time to coach them. And maybe the expectations that you were putting forth, maybe they weren’t clear. Maybe they weren’t there at all.

Kevin Bupp: Maybe they were just never given the tools necessary to succeed. You know, leadership isn’t always about finding better people. Sometimes it’s simply about helping good people become great. And that’s exactly what happened here. And honestly, watching that transformation has been one of my favorite parts of owning these two communities. You know, the other thing that really stood out was the collection side. When we acquired these properties, collections, they weren’t terrible, but they weren’t exceptional either.

Kevin Bupp: There just wasn’t a consistent process in place, and there wasn’t strong accountability on the management team. There wasn’t any type of discipline collections program. Rent’s due on the first, late on the sixth. And then after that, there’s a very clear eviction process that takes place. None of that existed. And because of that lack of systems, we underwrote fairly conservatively. We assumed higher bad debt than what ultimately occurred.

Kevin Bupp: Reality outperformed the spreadsheet. After putting better systems in place, those same managers began producing month after month of what we internally call Zero Hero. 100% collections. Now, think about that for a second. We didn’t dramatically change the resident base. We simply improved the process.

Kevin Bupp: And that’s another lesson that extends far beyond manufactured housing. You know, businesses don’t usually become extraordinary because of one massive breakthrough. They become extraordinary because they consistently improve dozens of little things, you know, better systems, better follow up, better communication, better accountability. You know, those small improvements compound over time. And, you know, people love talking about strategy, right? Everyone’s always talking about strategy, better strategy. But yeah.

Kevin Bupp: Strategy without execution is just theory. And execution is what really creates the value. One thing that I think gets overlooked in commercial real estate is just how many little decisions ultimately create value. People assume that value comes from one thing, and that’s you raise rents, sell the property, done, right? Simple. It seems like a lot of folks just have that simple business model in mind.

Kevin Bupp: That’s just, that’s not really how it works. That might work one out of a hundred times. In reality, value here comes from dozens of improvements. You know, reducing payroll, improving collections, turning vacant units faster, increasing occupancy, improving curb appeal.

Kevin Bupp: upgrading the playgrounds and the amenities, renovating clubhouses, improving signage, trimming the trees, road improvements, bringing in new homes, selling homes, converting renters into homeowners, as we’ve discussed here. And none of those individually created millions of dollars of value here.

Kevin Bupp: but together they did. And that’s what great operators understand. Value creation isn’t just one big event, it’s hundreds of small decisions that are executed consistently over several years. People have asked me, did you ever second guess this investment? And honestly, once we dove into it, we didn’t. No, we didn’t. We had temporary challenges.

Kevin Bupp: We had leadership changes within our property management organization. That leadership change ultimately slowed down our home conversion timeline. But temporary operational delays don’t change a great market. They don’t change the housing demand. They don’t change the demographics. They don’t change the affordability needs that are in that marketplace. And they don’t change any of the long-term fundamentals, the things that got us really excited about this deal in the first place.

Kevin Bupp: I guess our emotions would have told us to probably focus on that short-term noise and be worried about it, but the data itself really reminded us why we bought these communities in the first place. Again, got a great market, great demand, a great affordability story. Everything else was simply just execution. So I’d love to maybe move on now to the results. Let’s talk about the results and some of the bigger lessons and where these communities actually stand today. I’d say that I’m incredibly pleased.

Kevin Bupp: Are we finished with the turnaround? Are we finished with stabilizing these properties? No, we’re not even close. There’s still a lot of work to do. Again, this was a multi-year process. We anticipated up to five years to fully execute this business plan. And guess what? It could take even longer than that. Nothing’s ever perfect. Nothing ever plays out exactly as it looks on an Excel spreadsheet. We’re continuing to convert park-owned homes into resident-owned homes.

Kevin Bupp: We’re continuing our infill program on the vacant lots that existed here. And we’re continuing to improve these communities year after year. But, you know, when I compare where we’re at today versus where we expected to be almost three years ago, I’d say we’re ahead. You know, financially, when you look at the NOI, we’re outperforming. Our NOI is roughly 15 percent higher than what we originally projected to be at this point in time.

Kevin Bupp: Collections have significantly exceeded expectations. Average lot rents have exceeded what we originally underwrote. Occupancy has exceeded what we modeled out in our Excel spreadsheet. You know, we brought in more new homes than we anticipated by this point in time. CapEx is actually coming below budget, which is always a great thing. You know, the only area where we’re slightly behind is converting the existing rental homes into resident ownership.

Kevin Bupp: And honestly, I’m okay with that. Things happen because at the end of the day, I’d rather execute that portion of the business plan correctly than execute it quickly. We are very strict about our qualifying criteria, and we want to ensure that we are converting the right renters into homeowners. You can’t force homeownership. And for those that are maybe lifelong renters that don’t want to be a homeowner, we allow them to move on. We renovate the unit, and then we find a deserving family that is a better fit for that home.

Kevin Bupp: Another milestone that we’re excited about is that we’ve already refinanced one of these two communities. We completed a successful cash out refinance on Southtown. And this refinance allowed us to return capital while continuing to own a phenomenal asset. And that’s kind of the first bite at the apple.

Kevin Bupp: And we’re not done yet. Right. Our expectation is that once the remaining business plan is fully executed over the next couple of years, that we’ll refinance the entire portfolio again. And that’s another important point here. Sometimes people think that value creation only happens when you sell. And, you know, that’s simply not true. That’s not really a part of our business model. There are multiple ways to create liquidity while continuing to own great assets.

Kevin Bupp: If you’re listening as a passive investor, you know, what should you take away from the story? First, that operator quality matters. And it matters a lot. Not the marketing, not the pitch deck, not the fancy website. You know, the operator themselves. You know, have they done this before? Can they point to real examples? You know, a track record. And how have they adapted when things have changed, right? Like the market’s always going through various cycles. And so how have they adapted to it? Track record absolutely matters. Absolutely.

Kevin Bupp: And second, pay attention to the markets. Properties can be improved, but markets generally cannot. A mediocre property in a phenomenal market will often outperform a beautiful property in a very weak market. That’s one of the reasons that we spent decades becoming students of markets before properties. And third, look for alignment. One of the things that we’ve always believed at Sunrise is that our investors should never wonder whether we’re making decisions in their best interest.

Kevin Bupp: The reason is quite simple. You know, our capital sits right behind theirs. When our investors win, we win. The alignment changes, that alignment changes everything. And then finally, don’t confuse complexity with risk. You know, some of the best investments are simply misunderstood. The question is whether your operator understands them well enough to execute. If there’s one lesson I hope you take away from today’s case study, it’s this.

Kevin Bupp: You can renovate a property, you can improve the operations, you can replace the signs, repave the roads, you can remodel clubhouses, but you cannot fix a weak market. Markets absolutely matter, and they’re the foundation underneath every investment decision that we make.

Kevin Bupp: The reason that we had conviction in these communities wasn’t because they were perfect and they were far from perfect. It was because that the Columbus market checked every box that we care about. It’s got population growth, affordability, housing demand, long term economic strength. And the data told us exactly what we needed to know. Our job was simply to trust it. And as I wrap this up, I think this case study really reinforces something that I believed for a very long time. The best investments aren’t always the one with the fewest questions.

Kevin Bupp: They’re the ones where experience allows you to answer those questions with confidence. We saw opportunity, not because that we’re smarter, not because that we had a crystal ball, but because we trusted our decades of experience, disciplined underwriting and the data that was right in front of us. Nearly three years later, those decisions have been validated.

Kevin Bupp: Not because everything went perfectly, but because we bought quality assets in one of the strongest markets in the Midwest and attractive basis with a business plan that we knew how to execute. That’s exactly the kind of investing that we built Sunrise Capital around. As I wrap this one up, I think this case study really reinforces something that I believed for a very long time. You know, the best investments aren’t always the ones with the fewest questions.

Kevin Bupp: They’re the ones where your experience allows you to answer those questions with confidence. Most people looked at these communities and saw complexity. We saw opportunity, not because we’re smarter and not because we had a crystal ball, but because we trusted our decades of experience, our disciplined underwriting, and the data that was right in front of us.

Kevin Bupp: Nearly three years later, those decisions have been validated. Again, not because everything worked perfectly, it surely didn’t, but because we bought quality assets in one of the strongest markets in the Midwest and the tractive basis with a business plan that we knew how to execute. That’s exactly the kind of investing that we built Sunrise Capital around.

Kevin Bupp: Well, guys, that’s all I have for this particular episode. I hope you enjoyed the behind-the-scenes look at the Meadows of North Lewisburg and Southtown. And hopefully, you’ve walked away with a few investing and business lessons that you can apply to your very own life. And whether you’re investing in real estate, running a business, or just simply making long-term decisions. If you enjoyed today’s episode, I’d really appreciate it if you would subscribe to the show, leave us a rating and review, and share the episode with someone else who you think could benefit from it.

Kevin Bupp: And as always, continue learning, continue growing, and most importantly, continue investing with intention. I’ll see you in the next episode. Take care.

[Transcript ends]