RICHMOND, VA—Last summer, an affiliate of Capital Square Realty Advisors, LLC acquired a portfolio of three manufactured housing parks totaling 1,141 rentable lots in Indiana and Ohio. And company officials now say that its Delaware Statutory Trust offering has been fully subscribed by investors. Capital Square specializes in structuring programs for 1031 investors.
“Manufactured housing is a unique asset class with significant barriers to entry,” says Louis Rogers, founder and chief executive officer of Capital Square. “With low operating costs, strong demand from tenants and minimal roll-over, manufactured housing is an attractive asset class that has the potential to provide superior risk adjusted returns for investors, with both stable cash flow and capital appreciation.”
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 Corp. and International Paper Co.
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.
“Capital Square intends to continue exploring acquisitions in the manufactured housing sector and believes it is well positioned to create long term value by partnering with best in class operators and efficiently closing on assets once identified,” says Yogi Singh, director of acquisitions.
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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.
