September 8, 2020
Capital Square, an investment sponsor specializing in tax-advantaged real estate offerings, has launched CS1031 Harbor View MHC LLC, a private placement offering comprised of Harbor View, a 55+ age-restricted, lifestyle manufactured housing community in Port Charlotte, Florida.
“There is a scarcity of manufactured housing communities in Florida, creating an imbalance of supply and demand,” said Louis Rogers, founder and chief executive officer of Capital Square. “The community presents a value-add opportunity, with 38 vacant homesites out of 147 total homesites, and average homesite rent of only $448, approximately 33 percent less than the submarket average of $670.”
The community is situated on 26 acres of land on the Peace River waterfront.
Capital Square plans to make $4.5 million of improvements to the community to increase occupancy and homesite rental rates. Plans include adding a new community clubhouse and office, community center with a pool and community dock, as well as updates to the signage, landscaping, roads, driveways, curbs and the riverfront beach area.
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