Less than two months after acquiring Twin Palms in Lakeland, Fla., Capital Square 1031 has bought another over 55 manufactured housing community—Palm Lake Club in Sebastian, Fla. According to public records, the property traded for $22 million, with Walker & Dunlop originating a $7.4 million, 10-year Fannie Mae loan for the new owner.
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Located at 39 Treasure Circle, the community is less than a mile from Highway 1, and 8 miles from Interstate 95, as well as close to parks, retail options and golf courses. The community includes 126 homesites and common-area facilities such as a pool, clubhouse, library, shuffleboard court and 7-acre lake. At the time of the sale, the property was 97.6 percent occupied.
According to Capital Square 1031 Chief Strategy & Investment Officer Whitson Huffman, the new owner will invest in community improvements, which are set to include upgrades to the clubhouse, landscaping, outdoor lighting and roadways. He added that the property is a well-positioned asset with upside potential for investors because of the minimal rent increase in the past decade and significant room for improvements.