Capital Square Buys Southwest Florida MHC
- Sep 09, 2020
Capital Square 1031 has acquired Harbor View, a 55+ age-restricted manufactured housing community in Port Charlotte, Fla. Public records show that Walker & Dunlop originated a $3.6 million Fannie Mae acquisition loan for the new owner, set to mature in 2030. The purchase of the 147-homesite property marks the second investment since the company launched its manufactured housing community investment program in mid-July.
Located at 24325 Harbor View Road on the Peace River waterfront, the community sits on 26 acres and is some 2 miles from Interstate 75, as well as approximately 3 miles from several retail and dining options. At the time of sale, there were 38 vacant sites on the property, according to Louis Rogers, founder & CEO of Capital Square 1031. Rogers also noted that the average rent was $448, some 33 percent less than the submarket average of $670.
The company intends to invest $4.5 million in capital improvements to the property, according to Rogers. These improvements will include the addition of a new clubhouse and office, community center with pool, as well as a new dock. In addition, upgrades will include improved signage, landscaping, roads, driveways, curbs and riverfront beach area.