Evoke Capital

Most sponsors say they put investors first. We built our whole structure around it. At Evoke Capital, every dollar of cash flow and every refinance goes to our investors first, until they've received their preferred return and 100% of their capital back. Only then do we participate in the upside. Said plainly, we get paid last. That one decision changes everything about how we operate: the only way we make real money is by buying good deals and running them well, so we pass on a lot of deals other groups would take. We've never done a capital call. We allocate 100% of your investment on day one, so your pref starts accruing immediately instead of sitting idle waiting to be called. We buy underperforming mom-and-pop mobile home communities in landlord-friendly secondary markets, run them with our own in-house management team, and hold them for the long haul. Since 2021 that's grown to roughly 3,000 lots across 11 states, with our funds beating proforma and several deals already gone full cycle ahead of schedule: Shady Grove was refinanced with Fannie Mae debt two years early and returned investors' full capital, Kimberly Pines returned 100%+ of investor capital in year three, and Tea's returned 148% of investor capital six months ahead of target. We underwrite like we're going to be wrong, we report every quarter with the real numbers (occupancy, delinquency, NOI versus proforma), and we pick up the phone when you call. If you want a sponsor who is boring in all the right ways, we'd love to talk.