The company financed the acquisition of the Harbor View community with a $3.6 million Fannie Mae loan
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. “As an asset class,
manufactured housing communities are unique as they are considered one of the most affordable homeownership options in the U.S.,” Whitson Huffman, chief strategy & investment officer at Capital Square 1031, told Commercial Property Executive. And investors can take advantage of the exceptional supply-demand relationship, he explained, due to a new-supply shortage nationwide. “Only 10 new manufactured housing communities opened nationally over the past 20 years,” Huffman added.