Top1031

Country Lakes Village

Manufactured housing property in Palmetto, FL — sponsored by Capital Square

Files with the SEC as CS1031 Country Lakes Village MHC, DST

Minimum investment
$50k
Offering size
$65.1M
How much has sold
None sold yet
Asset type
Manufactured housing property
Location
Palmetto, FL
Financing
Not stated. The filings for this offering do not say whether it carries mortgage debt.

Sponsor-reported, from SEC filings and cited sources.

Chapter 1

What is this, in one paragraph?

Country Lakes Village is a Delaware statutory trust — a structure that lets 1031 exchange investors hold fractional interests in real estate — holding a 55-plus manufactured housing community at 6100 Bayshore Road in Palmetto, Florida.3 Capital Square sponsored it and filed a Form D notice in July 2022. Nothing further has been filed, and no offering outcome appears in the public record.

Show sources (13)Hide sources (13)

These links support the historical public record; individual details may come from different sources.

On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.

Chapter 2

What exactly is the property?

Country Lakes Co-op Inc. sold Country Lakes Village and the adjacent Country Lakes Village II to the Trust in late July 2022 for $69.9 million.4 Capital Square describes the Palmetto, Florida community as four-star, 55-plus lifestyle manufactured housing.5 The sponsor also states that it intends to invest $6 million in strategic improvements to the property.5

Reported location
Palmetto, FL
Property size
471 fully occupied homesites
Chapter 3

Who is the tenant, and what's the lease?

Residents lease individual homesites rather than one company leasing the whole property. Capital Square's materials state that a master tenant is responsible for collecting rent and for operating, managing, leasing and maintaining the community, which keeps the Trust itself passive.5 The master tenant's legal name does not appear in the reviewed record.

Chapter 4

How did it end?

What happened

No ending on record

No public full-cycle, sale, foreclosure, or UPREIT announcement naming CS1031 Country Lakes Village MHC, DST was located; the Country Lakes Village 55+ community in Palmetto, FL still operates but no affirmative dated evidence of continuing Capital Square ownership or disposition was found [1][2][3].

Capital Square's offering page is headed CS1031 Country Valley Lakes MHC, DST but describes Country Lakes Village; the property site and news identify Country Lakes Village and Country Lakes Village II at the same Palmetto address. The sponsor page states four-star, 55+ lifestyle manufactured housing and 471 fully occupied homesites; Multi-Housing News reports a $69.9 million acquisition and more than 470 lots. The reviewed news does not state that the DST was fully subscribed, sold out, or closed.

471 fully occupied homesites
Supporting evidence
Chapter 5

How is it financed, and what does it pay?

The buying entity took a $31.8 million loan from New York Life Insurance Co. at acquisition.3 Because that debt sits at the Trust level, an exchanger's replacement-property debt is carried by the Trust rather than by a loan in the investor's own name.

Chapter 7

What does the paperwork say?

The Trust is a Delaware declaration of trust, registered in Florida on May 3, 2022 and listed there as active.2 Only the initial Form D notice was filed; no amendment or closing report followed. Under the exemption used, the sponsor may advertise the offering publicly, but each investor's accredited status must be verified.

  1. Form D filedFirst and latest filing on record.
Filings on record
1
How it may be offered
Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
Source filing
Read the filings on SEC EDGAR

A Form D is the notice a sponsor files when it starts raising money. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.

DST interests are illiquid private securities. You may lose some or all of your investment. Distributions, tax treatment, and exit timing are not guaranteed. Review the current Private Placement Memorandum before investing.

Chapter 8

Common questions

What happened to Country Lakes Village?

Top1031 lists Country Lakes Village as historical. It is no longer raising money.

Where does Top1031 get the data for Country Lakes Village?

Top1031 builds this record from the sponsor’s own SEC filings and cited sponsor disclosures. Filings can lag what is happening now. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.

What does this Trust actually own?

Country Lakes Village and Country Lakes Village II, a 55-plus manufactured housing community at 6100 Bayshore Road in Palmetto, Florida, in Manatee County. Multi-Housing News reported the community has more than 470 lots, and Capital Square's offering page describes it as four-star, 55-plus lifestyle housing. A March 15, 2023 Manatee County record still lists CS1031 Country Lakes Village MHC, DST as the owner.

Is the offering still open to new investors?

The public record does not say. The only SEC filing on record is the July 29, 2022 Form D notice, which indicated the first sale had not yet occurred as of that date. No amendment or later filing has been made, and none of the reviewed news reports state that the Trust was fully subscribed or closed. Current status would have to be confirmed with the sponsor or a broker-dealer.

What is the minimum investment?

The July 29, 2022 Form D reported a minimum investment of $50,000 for the offering. Minimums stated in a Form D reflect the terms at filing; the private placement memorandum governs, and sponsors sometimes accept different amounts for different investor types.

Is the property financed, and by whom?

Yes. Multi-Housing News reported on August 16, 2022 that the acquiring entity obtained a $31.8 million loan from New York Life Insurance Co. in connection with the $69.9 million purchase. Loan term, rate, amortization and maturity are not in the reviewed public record.

Why does the sponsor's page use a different name?

Capital Square's offering page is headed "CS1031 Country Valley Lakes MHC, DST" while the body of the page, the SEC filing, the county record and the 2022 news coverage all identify Country Lakes Village in Palmetto, Florida. Top1031 treats this as a naming inconsistency on the sponsor page, not a separate offering.

Can this Trust convert into REIT shares through a 721 exchange?

No 721/UPREIT exit — a swap of Trust interests for operating-partnership units in a REIT — is indicated for this Trust in the data on record. Any exit mechanics would be set out in the private placement memorandum.

Chapter 9

In the news