DLP Capital Provides $23M Financing for Florida MHC Project
The development is set to feature 325 luxury mobile homes, with the first pads expected to be delivered early next year.
Sunlight Resorts has secured $23 million in bridge financing from DLP Capital for the development of a luxury manufactured housing community in Avon Park, Fla. Plans call for 325 mobile homes spread across a more than 76-acre lot. The developer expects the first home pads at Twin Lakes at Avon Park to be delivered early next year.
The factory-built homes will have diverse floorplans, with the standard mobile homes featuring three bedrooms and two bathroom with entryway, for an average size of 1,027 square feet. The other floorplans available are also set to three bedrooms and two bathrooms, but with a full porch or a front entryway. All mobile home plans will be customizable to include attached garages and carports. Homes at Twin Lakes at Avon Park are slated to be energy efficient, with high insulated climate control, thermal windows and efficient heating and cooling systems.
READ ALSO: Are Manufactured Homes a Good Investment in 2023?
The development site is located at 1500 S. Lake Blvd., between lakes Lelia and Anoka, close to U.S. State Routes 98 and 64, which allow easy access to Tampa and St. Petersburg, Fla. Twin Lakes at Avon Park will be 3 miles from Avon Park Executive Airport, 8 miles from Sebring, Fla., and 10 miles from Sun Ray Shopping Center.
Filling the affordable housing void
The MHC development will be situated in Central Florida’s lake region, an area where there’s high demand for workforce and affordable housing. In prepared remarks, DLP Capital Founder & Chief Executive Officer Don Wenner noted that he expects the new manufactured housing community to draw the interest of both renters and investors.
Common-area amenities at Twin Lakes at Avon Park are set to include a clubhouse, both fitness and business centers, a swimming pool with hot tub, a pet park, access to boating docks and public fishing spots, a pickleball court and a community clubhouse.
With South Florida State College adjacent to the development, Sunlight Resorts expects that the 16,000 residents that make up the student population in the area to be among Twin Lakes at Avon Park’s interested renters.
MHC assets have been piquing the interest of an increasing number of investors lately. Just last month, Castle Park Investments entered a $500 million joint venture partnership that aims to acquire manufactured housing communities across strategic markets. The venture debuted with the purchase of a more than 700-homesite portfolio.