PORT CHAROLOTTE, Fla. — Capital Square, a national investment sponsor specializing in tax-advantaged real estate offerings, has invested an undisclosed amount in Harbor View, an age-restricted manufactured housing community on the Peace River waterfront in Port Charlotte.
“There is a scarcity of manufactured housing communities in Florida, creating an imbalance of supply and demand,” says Louis Rogers, founder and chief executive officer of Capital Square. “The community presents a value-add opportunity, with 38 vacant home sites out of 147 total home sites, and average home site rent of only $448, approximately 33 percent less than the submarket average of $670.”
The community is situated on 26 acres of land. Capital Square intends to maximize the value of Harbor View by increasing occupancy and homesite rental rates.
The firm expects to update the property by adding a new community clubhouse and office, community center with resort style pool and a community dock. Plans are also in place to update signage, landscaping, roads, driveways, curbs and the riverfront beach area.
“This property is located on the Peace River, with several homesites on waterfront lots,” says Whitson Huffman, chief strategy and investment officer. “Capital Square intends to make $4.5 million of strategic improvements to the community, significantly enhancing the quality and increasing occupancy, rents and property value.”