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| Louis Rogers |
GLEN ALLEN, VA – Capital Square Realty Advisors, LLC
announced that an affiliate of the company has acquired a portfolio of three
manufactured housing parks totaling 1,141 rentable lots in Indiana and Ohio.
“Manufactured
housing communities are an attractive investment opportunity, with increasing
demand and a tight market given barriers to new construction across much of the
U.S.,” said Louis Rogers, founder and chief executive officer of Capital Square
Realty Advisors.
“There are a number of Americans that are either searching
for a manufactured vacation home, or are seeking a new housing opportunity as
traditional homeownership becomes economically unfeasible for a growing
percentage of the population. Today, manufactured housing offers an affordable
and high quality alternative.”
The largest
community, Timberbrook, is located at 54686 County Road 19 in Bristol,
Ind. The 103-acre property hosts 567 lots. Onsite amenities include a community
center, two swimming pools, two basketball courts, two children’s playgrounds,
off-street parking and on-site management. Accessible via Interstates 80 and
90, Timberbrook is situated within a two-mile radius of nearly 450 businesses.
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| Yogi Singh |
The portfolio also
includes Woodlake-Sommerdale, a 65-acre manufactured housing community
featuring 338 lots.
Located at 12204 Indianapolis Road in Yoder, Ind., the
community features a clubhouse, playground and on-site management. It is
situated within a five-mile radius of more than 1,200 businesses, including
major local employers Coca-Cola Refreshments USA, Inc., Tuthill Corporation and
International Paper Company. Woodlake-Sommerdale is easily accessible via
Interstates 69 and 469.
Byrne Hill, the third community in the portfolio, is a
34-acre manufactured housing community located at 3601 Hill Road in Toledo,
Ohio. The property includes a clubhouse, swimming pool, playground and on-site
management.
It is serviced by the Toledo Area Regional Transit Authority
bus line and is adjacent to Great Expectations Elementary School, The Knight
Academy middle school and Byrnegate Plaza Shopping Center. There are more than
1,500 businesses within a two-mile radius of Byrne Hill.
“The acquisition of
this high quality portfolio represents a significant step forward for Capital
Square’s acquisitions team,” said Yogi Singh, vice president of
acquisitions with Capital Square Management. “The highly efficient closing of
this off-market deal with a publicly traded REIT is a model that we are highly
confident that we can replicate in the coming months.”
For a complete copy of the company’s news
release, please contact:
Julie Leber
Account Manager
Spotlight Marketing Communications
18101 Von Karman Avenue, Suite 330
Irvine CA 92612
949-427-5172, ext. 703
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