Capital Square 1031 Expands Portfolio of 55+ Manufactured Housing Communities with Sixth Acquisition in Florida
The acquisition is for a DST investment offering that seeks to raise $44.85 million in equity from accredited investors.
TAMPA, Fla. (April 7, 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 Foxwood Village, a five-star, 55+ lifestyle manufactured housing community in Lakeland, Florida. The community was acquired for CS1031 Foxwood Village MHC, DST, a Reg. D private placement.
To date, Capital Square has acquired six four-and five-star, age-restricted manufactured housing communities in coastal Florida markets for tax-advantaged real estate investment offerings.
“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.”
Located at 4700 Foxwood Blvd., the community is situated on approximately 69 acres of land. Foxwood Village is comprised of 350 homesites and has an occupancy rate of 98.6% as of March 2021.
The community is situated within the Lakeland-Winter Haven Metropolitan Statistical Area. Lakeland offers residents easy access, via Interstate 4, to Tampa and Orlando, two of Florida’s largest cities. This convenient access makes the city a hub for residents to access local and regional employment, logistics, distribution, and entertainment activity.
CS1031 Foxwood Village MHC, DST seeks to raise $44.85 million in equity from accredited investors and has a minimum investment of $50,000.
“Foxwood Village exemplifies Capital Square’s strategy to provide investors with the opportunity to invest in DST offerings that feature quality, well-maintained manufactured housing communities in coastal areas of Florida,” said Whitson Huffman, chief strategy and investment officer. “The community enjoys high occupancy and provides upside potential due to in-place rents approximately 20% below the market average. Capital Square intends to make $3.5 million of strategic improvements to enhance the quality, and ultimately the value of the property.”
According to the Manufactured Housing Institute, more than 22 million people live in manufactured housing communities nationwide. Manufactured housing is an asset class that addresses the nationwide housing affordability crisis because manufactured homes typically cost half as much to construct as site-built homes.
Since the company was founded, Capital Square has acquired 127 real estate assets for over 3,000 investors seeking quality replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code and other investors seeking stable cash flow and capital appreciation.
About Capital Square
Capital Square is a national real estate firm specializing in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges and qualified opportunity zone funds for tax deferral and exclusion. Since 2012, Capital Square has completed more than $2.7 billion in transaction volume. Capital Square’s executive team has decades of experience in real estate investments. Its founder, Louis Rogers, has structured hundreds of investment offerings totaling in excess of $5 billion. Capital Square’s related entities provide a range of services, including due diligence, acquisition, loan sourcing, property/asset management, and disposition, for a growing number of high net worth investors, private equity firms, family offices and institutional investors. Since 2017, Capital Square has been recognized by Inc. 5000 as one of the fastest growing companies in the nation for four consecutive years. In 2017, 2018 and 2020, the company was also ranked on Richmond BizSense’s list of fastest growing companies. Additionally, Capital Square was listed by Virginia Business on their “Best Places to Work in Virginia” report in 2019 and their “Fantastic 50” reports in 2019 and 2020. To learn more, visit www.CapitalSquare1031.com.
Disclaimer: Securities offered through WealthForge Securities, LLC, Member FINRA/SIPC. Capital Square and WealthForge Securities, LLC are separate entities. There are material risks associated with investing in DST properties and real estate securities including illiquidity, tenant vacancies, general market conditions and competition, lack of operating history, interest rate risks, the risk of new supply coming to market and softening rental rates, general risks of owning/operating commercial and multifamily properties, short term leases associated with multi-family properties, financing risks, potential adverse tax consequences, general economic risks, development risks, long hold periods, and potential loss of the entire investment principal. Past performance is not a guarantee of future results. Potential cash flow, returns and appreciation are not guaranteed. IRC Section 1031 is a complex tax concept; consult your legal or tax professional regarding the specifics of your particular situation. This is not a solicitation or an offer to see any securities. Please read the Private Placement Memorandum (PPM) in its entirety, paying careful attention to the risk section prior to investing. Diversification does not guarantee profits or protect against losses.
- On April 7, 2021