Capital Square 1031 has bought Foxwood Village, an over 55 lifestyle manufactured housing community in Lakeland, Fla. The company’s coastal Florida portfolio already includes six four- and five-star, age-restricted manufactured housing properties.
Public records show Kurtell Growth Industries sold the asset for $61.1 million. Walker & Dunlop originated a $31.6 million Fannie Mae acquisition loan set to mature in 2031.
Located at 4700 Foxwood Blvd. across 69 acres, Foxwood Village comprises 350 homesites and was 98.6 percent occupied as of March. The community is less than 2 miles from several retail and dining choices at Lakeland Square Mall, as well as 4 miles from Lakeland Regional Medical Center. Additionally, Foxwood Village offers a direct connection to Tampa and Orlando through its proximity to Interstate 4. The community features several amenities including an indoor sauna, heated pool and fitness center.
Capital Square 1031 will spend $3.5 million on improvements to the community, according to the company’s Chief Strategy & Investment Officer Whitson Huffman. Foxwood Village boasts high occupancy and value-add potential due to its substantially lower rents—approximately 20 percent below the market average—Huffman noted.
Florida closed 2020 as the most active state in terms of manufactured housing transaction volumes, a recent NorthMarq report found. In addition, according to Capital Square 1031 Founder & CEO Louis Rogers, manufactured housing communities in Florida are among the safest assets in the nation because of the strong rent growth and little to no vacancy, which makes them an excellent hedge against inflation.