Capital Square 1031 Buys West Florida MHC for $70M

1 min read

The new owner secured a $31.8 million loan to finance the acquisition.

Country Lakes Village
Country Lakes Village. Image via Google Street View

Capital Square 1031 has acquired a 55-plus manufactured housing community in Palmetto, Fla., for $69.9 million. According to Manatee County public records, the seller was a private individual. The new owner took out a $31.8 million loan from New York Life Insurance Co. through its acquiring entity, according to the same public documents.

Country Lakes Village and Country Lakes Village II are located at 6100 Bayshore Road and consist of more than 470 lots. Common-area amenities include a heated swimming pool, pickleball courts, a clubhouse, a library, tennis courts, and social activities such as billiard.

The property is 5.8 miles from Ellenton Premium Outlets retail center, 12.5 miles from Robinson Preserve and 14.3 miles from Sarasota Bradenton International Airport. Country Lakes Village is close to Interstate 275, which provides access to the Tampa-St. Petersburg metropolitan area, as well as U.S. Highway 41, which provides easy access to the Palmetto Historic District and multiple attractions in the area.

In the past few months, Capital Square 1031 bought two other manufactured housing communities in Florida. The company purchased Palm Lake Club, a 55-plus community in Sebastian, and Twin Palms in Lakeland.

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