Top1031

Country Lakes Village

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

HistoricalLast Form D filed Jul 29, 2022 (opens in a new tab)

Country Lakes Village was a DST sponsored by Capital Square that owned a manufactured housing property in Palmetto, FL. Its last Form D was filed Jul 29, 2022.

How it ended

No outcome recorded · under 7 years

Last Form D filed Jul 29, 2022.

Capital Square has 5 active offerings on record →

Key facts

Minimum investment
$50,000
From the Form D
Offering size
$65,120,000
Equity offered, per the Form D
Sold
Not reported after the first Form D (Jul 29, 2022)
Form D, Jul 29, 2022
Selling commissions
$5,535,200 · 8.5% of offering
Form D Item 15; the % is our arithmetic
Financing
Leveraged. This offering reports mortgage debt on the property.
How it is financed ↓
Offered under
Rule 506(c)
May be advertised publicly. Every buyer’s accredited status must be verified.

Figures come from SEC Form D filings unless a source is cited. Sponsor-stated figures are as reported by the sponsor; Top1031 does not independently audit them. On a 45-day clock? Find day 45 and day 180 →

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Ask a 1031 specialist about this recordFree. About: Country Lakes Village. Top1031 is not a broker-dealer.
Country Lakes Village image

Country Lakes Village · Palmetto, FL · Photo: countrylakesvillage.com

What did Country Lakes Village own?

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

How was it financed, and what did it cost to sell?

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.

Debt

Financing
Leveraged. This offering reports mortgage debt on the property.

Costs and terms from the Form D

Selling commissions
$5,535,200 · 8.5% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$1,740,998 · 2.6% of offering
Form D Item 16
Broker-dealers named in the Form D
1 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Not in the Form D
Minimum investment
$50,000

Form D Item 15 and Item 16 amounts may be the issuer’s estimates; each percentage is Top1031’s arithmetic on two Form D figures. Item 16 can overlap Item 15, so Top1031 does not add them together. The issuer marked these amounts as an estimate.

What does the SEC record show?

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.

Legal Trust name
CS1031 Country Lakes Village MHC, DST
SEC CIK
1940389
First Form D
Jul 29, 2022
Latest Form D
Jul 29, 2022
Filings on record
1
Offered under
Rule 506(c)
May be advertised publicly. Every buyer’s accredited status must be verified.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount sold
Form D$65,120,000
$0
EDGAR

Amounts, investor counts and minimums are as filed with the SEC on Form D. The change lines are Top1031’s arithmetic between consecutive filings; a new Form D notice starts a new count.

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.

Common questions

What happened to Country Lakes Village?
Country Lakes Village is a Historical offering. Last Form D filed Jul 29, 2022.
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.
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 offering documents govern, 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 offering documents.

In the news

Sources

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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 offering documents before investing.