Capital Square 1031 Acquires 55+ Housing Community
August 30, 2021
The firm purchased the manufactured housing community in Vero Beach, FL, on behalf of CS1031 Midway Estates MHC, DST.
VERO BEACH, FL – Capital Square 1031 has acquired a 55-plus lifestyle manufactured housing community in Vero Beach, FL on behalf of Delaware statutory trust offering, CS1031 Midway Estates MHC, a Reg. D private placement.
Located at 1950 S. US Highway 1, the boutique retirement community, Midway Estates, comprises 183 homesites situated on 28 acres of land.
Capital Square plans to invest $3.8 million in the community. The firm aims to implement value-add upgrades at the property and compete with surrounding communities that obtain higher rents.
“The average in-place homesite rent is only $585, approximately 27% below the market average of $720,” says Louis Rogers, founder and CEO of Capital Square. “Capital Square will increase the in-place rents gradually through annual mark-to-market increases as well as increases to the market average for new residents. Capital Square will make substantial strategic improvements to upgrade the community.”
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