December 18, 2o20
Capital Square 1031, a sponsor of Delaware statutory trust offerings, has purchased The Falls, a 599-homesite manufactured housing community in Ormond Beach, Florida. This marks the company’s fifth coastal Florida manufactured housing acquisition.
The property, exclusive to those aged 55 and older, was acquired for CS1031 The Falls MHC, DST, a Regulation D private placement offering that seeks to raise $76 million in equity from accredited investors and has a minimum investment of $50,000.
The Falls is situated on approximately 141 acres of land in Ormond Beach, a city within the Deltona-Daytona Beach-Ormond Beach Metropolitan Statistical Area. Capital Square indicated that the property has maintained 100 percent occupancy for more than a decade. The company intends to maximize its value by maintaining the strong occupancy and increasing homesite rental rates over the holding period.
“Capital Square is bullish on manufactured housing communities in Florida, which are among the most desirable assets in the nation due to high occupancy, increasing rental rates, low operating costs and scarcity of quality communities,” said Louis Rogers, founder and chief executive officer. “The acquisition of The Falls brings us closer to Capital Square’s goal of assembling a large portfolio of MHCs in coastal Florida markets…”
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- On December 21, 2020