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Key Takeaways
- Nathan Jameson of ARX Capital explains why the supply of manufactured housing communities is declining while demand for affordable housing continues to grow.
- ARX Capital specializes in acquiring undercapitalized and under-managed manufactured housing communities from aging mom-and-pop operators.
- The unique operating model involves residents owning their homes while the firm earns rent on the underlying land sites.
- Substantial depreciable land improvements in manufactured housing and RV communities provide unique tax and cash flow benefits for family office investors.
- Value creation is achieved by improving infrastructure, safety, and property operations to prepare smaller assets for potential institutional buyers.
In this episode of Family Office Investing Podcast & Investor Insights | Arthur’s Round Table, Arthur Bavelas sits down with Nathan Jameson of ARX Capital to explore an overlooked corner of real estate: manufactured housing.
Nathan has spent roughly 25 years in real estate, largely in residential development. Earlier in his career, he helped build and exit a large privately owned homebuilding company and says he was involved in building and selling roughly $1 billion of new single-family housing. Today, ARX Capital manages approximately $200 million of real estate assets and close to $100 million of equity, with a focus on manufactured housing communities and a smaller allocation to seasonal RV properties.
The investment thesis begins with a simple imbalance: demand for affordable housing continues to grow, while Nathan says the supply of manufactured housing communities is actually declining.
New communities are difficult to permit, existing properties can disappear to higher-and-better uses, and housing construction continues to become more expensive and time-consuming.
That creates an unusual real estate opportunity.
ARX typically looks for undercapitalized or under-managed communities where it can improve infrastructure, operations, safety and the overall quality of the property. Residents generally own their homes while ARX earns rent from the underlying sites, creating a different operating model from traditional multifamily housing.
Nathan and Arthur discuss why many of these properties remain owned by aging mom-and-pop operators, what happens when subsequent generations live off the cash flow instead of reinvesting in the property, and why properly capitalizing infrastructure can create value.
They also explore one of the asset class’s most interesting characteristics: depreciation. Nathan explains why manufactured housing and RV communities can have substantial depreciable land improvements and why those deductions can be particularly valuable to certain investors and family offices.
The conversation covers deal sourcing, regulation, private utilities, rent control, value-add investing, institutional buyers and ARX’s strategy of improving smaller properties into assets that larger investors may eventually want to own.
What You’ll Learn
• Why manufactured housing supply is declining
• Why residents typically own the home but rent the land
• How value is created in underinvested communities
• Why aging owners are creating acquisition opportunities
• How depreciation changes the investment economics
• Why regulation can be both a risk and a competitive moat
• Why institutional investors are increasingly interested
• How ARX thinks about value creation and eventual exits
About Nathan Jameson
Nathan Jameson has spent approximately 25 years in real estate. Today, his work through ARX focuses primarily on manufactured housing communities, along with selected seasonal RV properties, with an emphasis on value-add opportunities where active management and capital investment can improve existing properties.
Website: arxventures.com
Email: nathan@arxventures.com
#ManufacturedHousing #RealEstateInvesting #FamilyOffice #AffordableHousing #AlternativeInvestments #RealEstate
Educational discussion only. Nothing in this episode constitutes investment, legal, tax or financial advice.
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Frequently Asked Questions
What is Nathan Jameson's investment focus with ARX Capital?
Nathan Jameson and ARX Capital focus primarily on acquiring and improving manufactured housing communities, along with a smaller allocation to seasonal RV properties.
Why is manufactured housing considered a unique affordable housing investment?
Demand for affordable housing is rising while the actual supply of manufactured housing communities is declining due to strict permitting, high construction costs, and properties being converted to other uses.
How does the operating model of manufactured housing communities work?
Residents typically own their physical homes while renting the underlying land sites from the community operator, creating a different cash flow profile than traditional multifamily real estate.
What tax advantages do manufactured housing communities offer investors?
Manufactured housing and RV communities often feature substantial depreciable land improvements, which can generate valuable tax deductions for family offices and high-net-worth investors.
Founder & Managing Partner
Nathan Jameson, Founder & Managing Partner of ARXS Capital, went from helping scale a national homebuilding company from $30M to $160M in revenue to helping investors focused on cash-flow-driven, value-add manufactured housing and alternative real estate assets. His approach comes from a simple reality: many investors are chasing yield, but few know how to evaluate the operator, the asset, and the actual risks behind the return.
