Minimum investment
$100k
Offering size
$32.9M
How much has sold
32.0%
Asset type
Manufactured housing property
Location
Not stated
Financing
Leveraged. This offering reports mortgage debt on the property.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
MHC Affordable Housing DST is a Delaware statutory trust — the fractional-ownership structure 1031 exchangers use to defer capital-gains tax — holding nine manufactured-housing communities in Michigan, Ohio and Pennsylvania.1 MHC Capital launched it in February 2022 as the sponsor's first 1031 program, and AltsWire reported the offering fully subscribed that October. It is closed to new investors.
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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.
What exactly is the property?
MHC Capital formed the trust in Delaware in October 2021, and it acquired the portfolio on or about November 1, 2021.2 Five of the communities are in Michigan, three in Ohio and one in Pennsylvania.1 These are land-lease communities: residents own their manufactured homes and rent the site beneath them. Sponsor PPM allocations put the combined purchase price at $59,500,000.3
- Property size
- 9 communities; more than 1,700 sites
Who is the tenant, and what's the lease?
The trust owns the land and improvements and leases the communities to a master tenant, MHC Affordable Housing ML, LLC, under an absolute-net master lease — the master tenant runs the parks and bears operating costs, taxes and insurance, and investor distributions come out of the rent it pays.4
How did it end?
No ending on record
Form D filed May 10, 2022 raised approximately $33M via S2K Financial LLC for sponsor MHC Capital, but no public sale, disposition, or full-cycle announcement has been found; the offering is the subject of a September 2025 White Law Group investigation.
MHC Capital launched the program in February 2022 and raised approximately $33 million; public sources describe the portfolio only at the Midwest/regional level and do not identify offering-specific property names or street addresses.
9 communities; more than 1,700 sitesSupporting evidence
How is it financed, and what does it pay?
This is a leveraged trust: the private placement memorandum, the offering document a sponsor gives accredited buyers, states $31,000,000 of debt alongside investor equity.5 Sponsor materials describe an existing $30.5 million KeyBank loan slated for retirement in the 2026 sale to the successor trust.6
Who's behind it?
MHC Capital is a manufactured-housing specialist that entered the 1031 market with this program; Phoenix American announced its fund-administration engagement on November 18, 2021 and identified this trust as the sponsor's first 1031-exchange offering. MHC Capital reports that the portfolio is being acquired by a successor trust, MHC Affordable Housing DST IV, at a stated $90,020,000 against a $90,000,000 independent appraisal.7 That successor filed its own Form D on May 7, 2026, stating a $60,149,921 offering.8
- Sponsor
- MHC Capital
- Legal Trust name
- MHC Affordable Housing DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 2 active / 3 total offerings from MHC Capital
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The trust was sold privately, without general advertising, to accredited investors — people who meet SEC income or net-worth thresholds — and the sponsor never amended its original notice, so the public numbers below stopped where they started. AltsWire reported the offering fully subscribed on October 6, 2022, months after the filing.
- Form D filedFirst and latest filing on record.
- Filings on record
- 1
- How it may be offered
- Rule 506(b)Not advertised publicly. Offered through existing relationships.
- 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.
Common questions
What happened to MHC Affordable Housing DST?
Top1031 lists MHC Affordable Housing DST as historical. It is no longer raising money.
Where does Top1031 get the data for MHC Affordable Housing DST?
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?
Nine manufactured-housing communities totaling 1,702 homesites — five in Michigan, three in Ohio and one in Pennsylvania.[1] MHC Capital reports the trust acquired the portfolio on or about November 1, 2021, with PPM per-community allocations totaling $59,500,000.[3] Public sources describe the portfolio at the regional level and do not publish street addresses for each community.
Can I still invest in this Trust?
No. AltsWire reported on October 6, 2022 that MHC Capital had fully subscribed the offering, which launched in February 2022 and raised approximately $33 million. The trust is closed to new investors, and its portfolio is now the subject of a sale to a successor trust sponsored by the same firm.
Who runs the communities day to day?
Not the trust. MHC Capital reports the trust leases all nine communities to MHC Affordable Housing ML, LLC under an absolute-net master lease, meaning the master tenant handles operations and pays taxes, insurance and maintenance, while the trust collects rent.[4] This is the standard DST arrangement, since a DST cannot actively operate a business without jeopardizing its 1031 status.
What is happening to this Trust in 2026?
MHC Capital reports the portfolio is being acquired by successor MHC Affordable Housing DST IV at a stated total price of $90,020,000, against a $90,000,000 independent appraisal.[7] The sponsor describes a two-stage closing beginning in March 2026, with a $44.0 million JPMorgan senior loan funding Stage 1 and the existing $30.5 million KeyBank loan to be retired; the equity payoff was described as pending.[6] No independent primary closing instrument for the transfer was located, so these mechanics are sponsor-reported.
How full were the communities when the trust bought them?
MHC Capital reported 2021 community-level occupancy ranging from 49.2% at Arbor Village to 82.3% at Four Seasons, with the remaining seven communities reported at 57.0%, 63.8%, 62.2%, 76.3%, 64.1%, 67.0% and 78.7%.[9] Occupancy below full is common in value-add manufactured-housing portfolios, where vacant sites are the intended source of future lease-up.
Why does the SEC file show less than the reported raise?
The Form D is a point-in-time snapshot filed on May 10, 2022, and MHC Capital never filed an amendment. AltsWire's October 6, 2022 report that the offering was fully subscribed at approximately $33 million came after the only filing on record, so the federal file was never updated to reflect the completed raise.
Chapter 9MHC Capital Fully Subscribes Manufactured Housing DST OfferingMHC Capital reported that its MHC Affordable Housing DST was fully subscribed after raising approximately $33 million for a nine-community manufactured-housing portfolio with more than 1,700 sites across the Midwest. Phoenix American Announces New Client Real Estate Fund Sponsor MHC CapitalPhoenix American announced MHC Capital as a new client and described the MHC Affordable Housing DST as a manufactured-home-community 1031 program serving the Midwest and Great Plains.