Capital Square 1031 Buys Sixth Age-Restricted Manufactured Housing Community in Florida
April 8, 2021
Capital Square 1031, a sponsor of Delaware statutory trust offerings, has purchased Foxwood Village, a 55+ lifestyle manufactured housing community in Lakeland, Florida.
Situated on approximately 69 acres of land, Foxwood Village has 350 homesites and has an occupancy rate of 98.6 percent as of March 2021. The community is located in the Lakeland-Winter Haven Metropolitan Statistical Area with easy access to Tampa and Orlando, two of Florida’s largest cities.
The property was purchased for CS1031 Foxwood Village MHC DST, a Regulation D private placement offering that seeks to raise nearly $44.9 million in equity from accredited investors and has a minimum investment of $50,000.
“Age-restricted manufactured housing communities in Florida are among the safest assets in the nation,” said Louis Rogers, founder and chief executive officer of Capital Square. “Due to exceptionally strong rent growth and little to no vacancy, they are an excellent hedge against inflation.”
Whitson Huffman, chief strategy and investment officer, noted that in-place rents at the community are approximately 20 percent below the market average, and Capital Square plans to make $3.5 million of strategic improvements to enhance the quality and value of the property.
To date, Capital Square has purchased six age-restricted manufactured housing communities in coastal Florida markets for tax-advantaged real estate investment offerings.
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