Capital Square 1031 Buys Orlando MHC for $46M
- Dec 02, 2020
Capital Square 1031 has acquired Whispering Pines, an over 55 manufactured housing community in Kissimmee, Fla. According to public records, Kurtell Growth Industries sold the 301-homesite property for $45.6 million.
Walker & Dunlop financed the acquisition through a $26 million Fannie Mae loan. According to Whitson Huffman, chief strategy & investment officer at Capital Square 1031, the 10-year, fixed-rate debt features a low-to-mid 2.0 percent range interest.
Located at 4658 Whispering Pines Blvd., the four- and five-star property is less than 20 miles from several entertainment options, including Planet Hollywood, Universal Studios and Walt Disney World. Additionally, the gated community is 23 miles from Orlando International Airport and 26 miles from the metro’s downtown.
Spread across some 61 acres, the community was 99 percent occupied at the time of sale and includes additional land for possible expansion of 50 new homesites, which the new owner intends to utilize. Common area amenities include outdoor heated pool, jacuzzi, barbecue area, shaded gazebo and shuffleboard courts.
Whispering Pines is Capital Square 1031’s fourth four- and five-star, age-restricted, manufactured housing community acquisition this year, according to Louis Rogers, the company’s founder & chief executive officer. The company is bullish on this asset type in Florida due to strong demand from retirees and limited supply of affordable senior housing.