GLEN ALLEN, Va., Sept. 2, 2014 (GLOBE NEWSWIRE) -- Capital Square Realty Advisors, LLC announced today 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.
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."
About Capital Square Realty Advisors LLC
Capital Square Realty Advisors, LLC specializes in the creation and management of commercial real estate investment programs for Section 1031 exchange investors and discretionary (non-1031) investors using the Delaware Statutory Trust structure. Louis J. Rogers, founder and chief executive officer of Capital Square Realty Advisors, has been involved in the creation and management of more than 100 investment offerings totaling over $3 billion, including DST, tenant-in-common, numerous real estate funds, and multiple publicly registered non-traded real estate investment trusts.