Capital Square 1031 Buys Fifth Florida MHC

The Falls, a 599-site community in Ormond Beach, has maintained full occupancy for more than a decade.
The Falls. Image courtesy of Capital Square 1031

Capital Square 1031 has acquired The Falls, a 599-site manufactured housing community in Ormond Beach, Fla. The purchase is the fifth and largest property since the company decided in mid-July to launch a new investment program in the coastal Florida markets. According to public records, Jacobsen Homes was listed as the last owner of the five-star asset.

Located at 1 Falls Way Court on 141 acres, The Falls is close to several shops, golf courses and medical facilities. Dayton Beach is situated some 8 miles from the property, and downtown Orlando is less than 60 miles south.

The community has been fully occupied for more than 10 years. Common-area amenities include a pool, tennis courts, shuffleboard courts, fishing lakes and a wooded nature trail.

According to Louis Rogers, founder & CEO of Capital Square 1031, the company is bullish on manufactured housing communities in Florida due to their high occupancy, increasing rental rates, low operating costs and the scarcity of quality properties. And with the need for affordable housing growing, manufactured homes are attracting more and more investor interest.     

Earlier this month, Capital Square 1031 paid $45.6 million for Whispering Pines, a 55+ manufactured housing community in Kissimmee, Fla.