Capstone Manufactured Housing is pleased to present the
Sunshine State Portfolio, composed of 693-sites across 15 communities with
expansion potential to 767 sites. This portfolio is advantageously positioned
in one of the nation’s fastest growing states, which is experiencing a severe
shortage in not only affordable housing, but housing as a whole. The Florida
population surged from 2020 to 2021 and is expected to continue its trajectory.
As more people flock to Florida, the housing inventory continues to rapidly
decline, while rental rates are substantially increasing. Florida's population
and real estate trends have positioned manufactured housing as one of the few
affordable housing options across the state.
There are three subsections of the portfolio: Florida's West
Central section, South Central section, and the East Central Florida section.
This is a great opportunity to gain scaled entry into one of the most
MHC-supply constrained states in the country. Within each subsection of the
portfolio, the parks are close enough to optimize shared staffing. Since there
is minimal on-site staffing required at most of the communities, a new owner
can utilize hiring a regional manager to help oversee all the properties.
The Sunshine State Portfolio benefits widely from numerous
value-add opportunities, including below market lot rents, passing-through
utilities & non-ad valorem taxes, infilling lots, and expansion potential. This
offering presents the rare opportunity to gain scaled entry into the Florida
Florida’s population growth was second in the nation from
2020 to 2021
Scaled entry into Florida markets
Shared staffing due to proximity of communities
Opportunity to increase below market rents
Potential to billback or recapture utilities
Upside in filling vacancy