CSRA MHC Portfolio I, DST

Location: 3601 Hill Avenue, Toledo, OH 43607

OFFERING PRICE: $25,455,000

EQUITY RAISE: $9,055,000

  • LOAN AMOUNT: $16,400,000
  • LOADED LTV: 64.43%
  • INTEREST RATE: 4.87% FIXED
  • LOADED CAP RATE: 7.52%
  • AMORTIZATION: 30 YEARS

The CSRA MHC Portfolio consists of three manufactured housing communities located in Indiana and Ohio that contain 1,141 rentable lot sites. Comprised of a mix of singleand double-wide homes, each community has a number of businesses within a five-mile radius and each has on-site management and amenities.

Hill Avenue, Toledo, OH

The properties have operated in a stable, profitable manner for decades. The sponsor plans to continue the profitable operations by following best
practices and reducing unnecessary costs that should translate to higher returns to investors.

INVESTMENT HIGHLIGHTS

  • Long-Term Institutional Ownership: The seller is a public REIT (SUI: NYSE) that has owned the properties for more than 15 years as a part of its core Midwest real estate holdings. The properties have been maintained to a high, institutional standard, applying best management practices in the manufactured housing industry.
  • Good Condition: The properties are in good condition and should require relatively little capital expenditures during the holding period.
  • Off-Market Purchase at: Favorable Price. The sponsor has used its industry relationships to negotiate an “off market” purchase at a favorable price for highly stable assets with a track record of profitable operations.
  • Sponsor to Continue Profitable Operation with Reduced Costs: The properties have operated in a stable, profitable manner for decades. The sponsor plans to continue the profitable operations by following best practices and reducing unnecessary costs that should translate to higher returns to investors.
  • Sponsor to Expand Home Ownership Program to Increase Income and Residual Value: The sponsor will expand the profitable home ownership program in place for many years. This should increase occupancy, translating to higher overall net operating income and higher value at disposition.

PROPERTY DETAILS

  •  TOTAL LOT SITES: 1,141 rentable lot sites
  • CURRENT OCCUPANCY: 63.63%
  • OCCUPANCY FOR MARKET READY HOME-SITES: 97.10%
  • TOTAL ACREAGE: 202 acres

TIMBERBROOK

PROPERTY OVERVIEW
54686 County Road 19, Bristol, IN 46507

With numerous community amenities, Timberbrook is within a two-mile radius of nearly 450 businesses

Timberbrook
567 Lot Sites

The manufactured housing community includes numerous amenities for residents, including a community center, two swimming pools, two basketball courts, two children’s playgrounds, off-street parking and on-site management. The community is improved with mature trees and landscaping. Timberbrook is 52.4 percent leased. There are nearly 450 businesses within a two-mile radius of Timberbrook, including major employers such as Alpha
Systems Inc., FlexForm Technologies Inc., and Cummins Crosspoint LLC. Timberbrook is easily accessible via Interstates 80 and 90.

WOODLAKE-SOMMERDALE

PROPERTY OVERVIEW
12204 Indianapolis Road, Yoder, IN 46798

More than 1,200 businesses within a five-mile radius

Woodlake-Sommerdale
338 Lot Sites

Woodlake-Sommerdale features a clubhouse, playground and on-site management. The manufactured housing community is 59.2 percent leased and is easily accessible via Interstates 69 and 469. The community is located within the Southwest Allen County School District.

Woodlake-Sommerdale is within a five-mile radius of more than 1,200 businesses, including major local employers such as Coca-Cola Refreshments USA, Inc., Tuthill Corporation and International Paper Company.

BYRNE HILL

PROPERTY OVERVIEW
3601 Hill Avenue, Toledo, OH 43607

Located adjacent to middle and elementary schools, there are 1,566 businesses with a two-mile radius of Byrne hill

Byrne Hill
236 Lot Sites

Byrne Hill is currently 91.5 percent leased. Resident amenities at the manufactured housing community include a clubhouse, swimming pool, playground and on-site management. The property is located on the Toledo Area Regional Transit Authority’s bus line and is adjacent to Great Expectations Elementary School, Knight Academy Middle School and Byrnegate Plaza Shopping Center. There are 1,566 businesses within a twomile radius, including major employers such as Lott Industries Inc., NSS Enterprises Inc., the Toledo Board of Education and TJ Metzgers Inc.

ABOUT CAPITAL SQUARE

Capital Square 1031, LLC specializes in the creation and management of real estate investment programs for Section 1031 exchange investors and other investors using the Delaware Statutory Trust structure. Louis J. Rogers, founder and chief executive offi cer of Capital Square, has been involved in the creation and management of more than 100 investment offerings totaling over $3 billion, including DSTs, tenant-in-common offerings, numerous real estate funds, and multiple publicly registered non-traded real estate investment trusts.