November 29, 2021
Capital Square 1031, a sponsor of Delaware statutory trust offerings, has purchased a 55+ age-restricted manufactured housing community in Lakeland, Florida.
The property was acquired on behalf of CS1031 Twin Palms MHC DST, a private placement offering that seeks to raise $36 million in equity from accredited investors and has a minimum investment of $50,000.
“This is Capital Square’s tenth acquisition of age-restricted manufactured housing communities in Florida,” said Louis Rogers, founder and chief executive officer of Capital Square. “These are among the most desirable assets in the nation due to their scarcity, stability and low operating costs…”
Located at 301 N. Galloway Road, the 4.5-star community consists of 222 homesites and is situated on 32.9 acres of land and includes a heated pool, horseshoe and shuffleboard courts and a clubhouse with billiards, ping-pong, and darts.
Capital Square said that it intends to make $2 million in improvements to the community, including a clubhouse renovation; improvements to roads, driveways, and sidewalks; upgrades to landscaping, as well as to the pool deck and furniture. Additional planned improvements include a covered outdoor pavilion, community lighting upgrades, and utility infrastructure improvements.
“Twin Palms is a well-occupied property with an average lot rent that is substantially below the market average, which offers Capital Square a value-add opportunity to increase rents,” said Whitson Huffman, chief strategy and investment officer.
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- On November 29, 2021