Glen Allen, VA-based Capital Square 1031 has acquired a 55+ manufactured housing community in Sebastian, FL. The community was acquired on behalf of CS1031 Palm Lake Club MHC, DST.

“This is Capital Square’s 10th acquisition of an age-restricted (55+) manufactured housing community in FL for the 1031/DST program,” said Louis Rogers, founder and chief executive officer of Capital Square. “MHC properties in FL are among the most desirable assets in the nation due to their scarcity, stability and growth potential. Also, MHC assets solve a need for residents as an affordable housing option, providing most benefits of a single-family home with the low cost of multifamily housing.”

Palm Lake Club is a 98%-occupied community with 126 homesites. The property’s proximity connects it to Vero Beach with access to Port St. Lucie, West Palm Beach and Boca Raton.

CS1031 Palm Lake Club MHC, DST seeks to raise $24.3 million in equity from accredited investors.