GLEN ALLEN, VA–An affiliate of Capital Square Realty Advisors, LLC has recently acquired a portfolio of three manufactured housing parks totaling 1,141 rentable lots in Indiana and Ohio.
“Manufactured housing communities are an attractive investment opportunity, with increasing demand and a tight market given barriers to new construction across much of the US,” says Louis Rogers, founder and chief executive officer of the Virginia-based Capital Square. “There are a number of Americans that are either searching for a manufactured vacation home, or are seeking a new housing opportunity as traditional homeownership becomes economically unfeasible for a growing percentage of the population. Today, manufactured housing offers an affordable and high quality alternative.”
The largest community, Timberbrook, is located at 54686 County Rd. 19 in Bristol, IN, near South Bend, IN. The 103-acre property has 567 lots. Onsite amenities include a community center, two swimming pools, two basketball courts, two children's playgrounds, off-street parking and on-site management. The community has quick access to I-80 and I-90, and nearly 450 businesses sit within a two-mile radius.
The portfolio also includes Woodlake-Sommerdale, a 65-acre manufactured housing community featuring 338 lots. Located at 12204 Indianapolis Rd. in Yoder, IN, near Ft. Wayne, this community features a clubhouse, playground and on-site management. It sits within a five-mile radius of more than 1,200 businesses, including major local employers Coca-Cola Refreshments USA, Inc., Tuthill Corporation and International Paper Company.
Byrne Hill, the third community, sits on 34 acres at 3601 Hill Rd. in Toledo, OH. The property includes a clubhouse, swimming pool, playground and on-site management. The Toledo bus line services the project, which is adjacent to Great Expectations Elementary School, The Knight Academy middle school and Byrnegate Plaza Shopping Center. There are more than 1,500 businesses within a two-mile radius of Byrne Hill.
“The acquisition of this high quality portfolio represents a significant step forward for Capital Square's acquisitions team,” says Yogi Singh, vice president of acquisitions with Capital Square Management. “The highly efficient closing of this off-market deal with a publicly traded REIT is a model that we are highly confident that we can replicate in the coming months.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
