Capital Square 1031 has acquired Twin Palms, a 55+ manufactured housing community in Lakeland, Fla. Public records listed the most recent owner as a private investor.
Located at 301 N. Galloway Road on roughly 33 acres, the property is roughly a mile from Highway 92 and less than 4 miles from Interstate 4, which provides direct access to both Tampa, Fla., and Orlando. The asset features 222 homesites and common-area amenities such as a heated pool, horseshoe and shuffleboard courts.
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The acquisition marks the 10th age-restricted manufactured housing communities purchase in Florida for Capital Square 1031, according to Louis Rogers, founder & CEO. Recently, the company also purchased The Coach House, a 420-homesite community in Palmetto, Fla. In a prepared statement, Rogers said that these types of properties are among the most sought-after because of their scarcity, stability and low operating costs.
The new owner has capital improvements plans for Twin Palms such as a clubhouse renovation, upgrades to landscaping throughout the property and the pool deck and furniture, as well as improvements to roads, driveways and sidewalks. Capital Square also intends to perform community lighting upgrades, utility infrastructure improvements and add a covered outdoor pavilion.