Capital Square 1031 has acquired The Coach House, a 420-homesite community in Palmetto, Fla. The deal marks the company’s eighth purchase of an age-restricted, manufactured housing community for the DST/1031 exchange program in Florida. Most recently, Capital Square acquired Midway Estates, an over 55 manufactured housing community in Vero Beach for $13 million.
Located at 4907 28th Ave. E, The Coach House is close to several retail choices, some 7 miles from Interstate 75 and roughly 44 miles south of downtown Tampa, Fla. Occupying 80 acres, the over 55 community features common-area amenities such as a clubhouse, laundry room, heated pool, fitness center, three community lakes and storage lots for residents.
The new owner intends to implement capital improvements at the property, such as an extensive clubhouse renovation, exterior amenity enhancements and additions, improvements to roads, driveways and curbs as well as upgrades to its utility systems. The revamp will allow Capital Square to increase the property’s occupancy, value and rents.