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 market.

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

Expansion potential

Upside in filling vacancy