Capital Square 1031 Acquires 55+ Manufactured Housing Community in Vero Beach, Florida for DST Offering
August 30, 2021
Vero Beach, Fla. (Aug. 30, 2021) Capital Square 1031, a leading sponsor of Delaware statutory trust (DST) offerings for 1031 exchange and other accredited investors, announced today the acquisition of a 55+ lifestyle manufactured housing community in Vero Beach, Florida. The manufactured housing community consists of 183 homesites and was acquired on behalf of CS1031 Midway Estates MHC, DST, a Reg. D private placement.
“Midway Estates is a 55+ lifestyle manufactured housing community in the City of Vero Beach, a boutique retirement destination on the Atlantic coast of Florida, with unique potential for value-add,” said Louis Rogers, founder and chief executive officer of Capital Square. “The average in-place homesite rent is only $585, approximately 27% below the market average of $720. 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.”
Located at 1950 S. U.S. Highway 1, Midway Estates is situated on 28 acres of land in Vero Beach, a boutique retirement destination on the Atlantic coast of Florida. The community is located off South U.S. Highway 1, granting residents convenient access to local and regional points of interest.
Capital Square intends to invest $3.8 million in the community to significantly enhance quality and value to compete with communities in the surrounding area that are currently obtaining significantly higher rents.
Capital Square has acquired seven 55+ age-restricted manufactured housing communities in coastal Florida markets for tax-advantaged real estate offerings.
“Midway Estates illustrates Capital Square’s value-add manufactured housing strategy in Florida,” said Whitson Huffman, chief strategy and investment officer. “By making strategic capital improvements, Capital Square will increase rents to market and increase occupancy by delivering new homes to sites that are currently vacant.”
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