Capital Square has acquired Midway Estates, a Vero Beach, Florida-based senior lifestyle housing company. No financial terms were disclosed.
VERO BEACH, Fla., Aug. 30, 2021 /PRNewswire/ — Capital Square 1031, a leading sponsor of Delaware statutory trust (DST) offerings for 1031 exchange and other accredited investors, announced today the acquisition of a 55+ lifestyle manufactured housing community in Vero Beach, Florida. The manufactured housing community consists of 183 homesites and was acquired on behalf of CS1031 Midway Estates MHC, DST, a Reg. D private placement.
“Midway Estates is a 55+ lifestyle manufactured housing community in the City of Vero Beach, a boutique retirement destination on the Atlantic coast of Florida, with unique potential for value-add,” said Louis Rogers, founder and chief executive officer of Capital Square. “The average in-place homesite rent is only $585, approximately 27% below the market average of $720. 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.”
Located at 1950 S. U.S. Highway 1, Midway Estates is situated on 28 acres of land in Vero Beach, a boutique retirement destination on the Atlantic coast of Florida. The community is located off South U.S. Highway 1, granting residents convenient access to local and regional points of interest.
Capital Square intends to invest $3.8 million in the community to significantly enhance quality and value to compete with communities in the surrounding area that are currently obtaining significantly higher rents.
Capital Square has acquired seven 55+ age-restricted manufactured housing communities in coastal Florida markets for tax-advantaged real estate offerings.
“Midway Estates illustrates Capital Square’s value-add manufactured housing strategy in Florida,” said Whitson Huffman, chief strategy and investment officer. “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.”
Since its founding in 2012, Capital Square has acquired 140 real estate assets for over 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.
About Capital Square
Capital Square is a national real estate firm specializing in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges and qualified opportunity zone funds for tax deferral and exclusion. Since 2012, Capital Square has completed more than $3.5 billion in transaction volume. Capital Square’s executive team has decades of experience in real estate investments. Its founder, Louis Rogers, has structured hundreds of investment offerings totaling in excess of $5 billion. Capital Square’s related entities provide a range of services, including due diligence, acquisition, loan sourcing, property/asset management, and disposition, for a growing number of high net worth investors, private equity firms, family offices and institutional investors. Since 2017, Capital Square has been recognized by Inc. 5000 as one of the fastest growing companies in the nation for four consecutive years. In 2017, 2018 and 2020, the company was also ranked on Richmond BizSense’s list of fastest growing companies. Additionally, Capital Square was listed by Virginia Business on their “Best Places to Work in Virginia” report in 2019 and their “Fantastic 50” reports in 2019 and 2020. To learn more, visit www.CapitalSquare1031.com.