Capital Square 1031 Acquires 55+ Housing Community

VERO BEACH, FL – Capital Square 1031 has acquired a 55-plus lifestyle manufactured housing community in Vero Beach, FL on behalf of Delaware statutory trust offering, CS1031 Midway Estates MHC, a Reg. D private placement.

Located at 1950 S. US Highway 1, the boutique retirement community, Midway Estates, comprises 183 homesites situated on 28 acres of land.

Capital Square plans to invest $3.8 million in the community. The firm aims to implement value-add upgrades at the property and compete with surrounding communities that obtain higher rents.

“The average in-place homesite rent is only $585, approximately 27% below the market average of $720,” says Louis Rogers, founder and CEO of Capital Square. “Capital Square will increase the in-place rents gradually through annual mark-to-market increases as well as increases to the market average for new residents. Capital Square will make substantial strategic improvements to upgrade the community.”

“Midway Estates illustrates Capital Square’s value-add manufactured housing strategy in Florida,” states Whitson Huffman, chief strategy and investment officer at Capital Square. “By making strategic capital improvements, Capital Square will increase rents to market and increase occupancy by delivering new homes to sites that are currently vacant.”

To date, Capital Square has acquired a total of seven 55-plus age-restricted manufacturing housing communities in coastal Florida markets for tax-advantaged real estate offerings.

As a sponsor of DST offerings for 1031 exchange and other accredited investors, Capital Square has acquired 140 real estate assets for more than 3,500 investors seeking quality replacement properties that qualify for tax deferral under section 1031 of the Internal Revenue Code and other investors seeking stable cash flow and capital appreciation.