September 9, 2020
Capital Square 1031 has acquired Harbor View, a 55+ age-restricted manufactured housing community in Port Charlotte, Fla. Public records show that Walker & Dunlop originated a $3.6 million Fannie Mae acquisition loan for the new owner, set to mature in 2030. The purchase of the 147-site marks the second investment since the company launched its manufactured housing community investment program in mid-July.
Located at 24325 Harbor View Road on the Peace River waterfront, the community sits on 26 acres and is some 2 miles from Interstate 75, as well as approximately 3 miles from several retail and dining options. At the time of sale, there were 38 vacant sites on the property, according to Louis Rogers, founder & CEO of Capital Square 1031. Rogers also noted that the average rent was $448, some 33 percent less than the submarket average of $670.
“Only 10 new manufactured housing communities opened nationally over the past 20 years,” Whitson Huffman, chief strategy & investment officer at Capital Square 1031, told Commercial Property Executive.
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