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.
In other news, Capital Square recently hired Austin Griffin as chief financial officer and Colleen Nichols as associate general counsel.
Capital Square specializes in Delaware statutory trusts for Section 1031 exchanges and qualified opportunity zone funds for tax deferral and exclusion. To date, the firm has completed more than $2 billion in transaction volume. Capital Square’s related entities provide due diligence, acquisition, loan sourcing, property/asset management, and disposition, for high net worth investors, private equity firms, family offices and institutional investors.