October 7, 2021
Capital Square 1031, a leading sponsor of Delaware statutory trust (DST) offerings for Section 1031 exchange and other accredited investors, announced today the acquisition of an age-restricted manufactured housing community on Florida’s Gulf Coast. The community consists of 420 homesites and was acquired on behalf of CS1031 Coach House MHC, DST.
“This is Capital Square’s eigth acquisition of an age-restricted, manufactured housing community in Florida for the DST/1031 exchange program,” said Louis Rogers, founder and chief executive officer of Capital Square. “These are some of the most desirable real estate investments in the nation due to their scarcity, stability and profitability.”
Located at 4907 28th Avenue East, The Coach House is situated on approximately 80 acres of land. The community is located in the popular retirement destination of Palmetto, near Interstates 275 and 75, allowing convenient access to local and regional points of interest.
The 55+ age-restricted community features a clubhouse, heated pool, shuffleboard courts, a laundry room, fitness center, three community lakes and storage lots available for residents.
Capital Square intends to make strategic capital improvements to the community, including an extensive clubhouse renovation, exterior amenity enhancements and additions, community-wide enhancements, improvements to roads, driveways and curbs as well as upgrades to utility systems. By significantly enhancing the property, Capital Square intends to increase occupancy, rents, and value of the property.
CS1031 Coach House MHC, DST seeks to raise $56.7 million in equity from accredited investors and has a minimum investment requirement of $50,000.
“The Coach House presents the potential for value-add opportunity,” said Whitson Huffman, chief strategy and investment officer. “The community has been owned by a private seller who has not capitalized on the significant opportunity to increase occupancy and rents. Capital Square intends to upgrade the property through strategic capital investments and to maximize value by employing an institutional management approach.”
Since its founding in 2012, Capital Square has acquired 137 real estate assets for over 3,500 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.