April 8, 2021
LAKELAND, FL – Capital Square 1031 has acquired a 55+ lifestyle manufactured housing community in Lakeland, FL. The five-star, housing community, Foxwood Village, was purchased for CS1031 Foxwood Village MHC DST, a Regulation D private placement.
Situated on 69 acres of land at 4700 Foxwood Blvd., Foxwood Village consists of 350 homesites. The community is 98.6% occupied, as of March 2021.
The property is located within the Lakeland-Winter Haven metropolitan statistical area, which offers access to Tampa and Orlando via Interstate 4.
CS1031 Foxwood Village MHC DST is seeking to raise $44.9 million in equity from accredited investors and has a minimum investment of $50,000.
“Foxwood Village exemplifies Capital Square’s strategy to provide investors with the opportunity to invest in DST offerings that feature quality, well-maintained manufactured housing communities in coastal areas of Florida,” states Whitson Huffman, chief strategy and investment officer at Capital Square. “The community enjoys high occupancy and provides upside potential due to in-place rents approximately 20% below the market average.”
Huffman adds, “Capital Square intends to make $3.5 million of strategic improvements to enhance the quality, and ultimately the value of the property.”
As a sponsor of Delaware statutory trust offerings for 1031 exchange and other accredited investors, Capital Square has acquired six four-star and five-star, age-restricted manufactured housing communities in coastal Florida markets, for tax-advantaged real estate investment offerings, to date.
Since its inception, Capital Square has purchased 127 assets for more than 3,000 investors.
“Age-restricted manufactured housing communities in Florida are among the safest assets in the nation,” states Louis Rogers, founder and CEO of Capital Square. “Due to exceptionally strong rent growth and little to no vacancy, they are an excellent hedge against inflation.”
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