MHC Affordable Housing DST
Manufactured housing property · sponsored by MHC Capital
MHC Affordable Housing DST was a DST sponsored by MHC Capital that owned a manufactured housing property. Its last Form D was filed May 10, 2022.
How it ended
No outcome recorded · under 7 years
The record lists the offering as fully subscribed; the last Form D was filed May 10, 2022.
Key facts
- Minimum investment
- $100,000From the Form D
- Offering size
- $32,855,260Equity offered, per the Form D
- Sold
- 32.2%Form D, May 10, 2022; the % is our arithmetic
- Investors reported
- Form D, May 10, 202227
- Selling commissions
- Form D Item 15; the % is our arithmetic$2,000,000 · 6.0% of offering
- Financing
- Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.How it is financed ↓
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
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: MHC Affordable Housing DST. Top1031 is not a broker-dealer.What did MHC Affordable Housing DST own?
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 offering-document allocations put the combined purchase price at $59,500,000. 3
- Property size
- 9 communities; more than 1,700 sites
How was it financed, and what did it cost to sell?
This is a leveraged trust: the offering documents state $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
Debt
- Financing
- Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $2,000,000 · 6.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $0 · 0.0% of offeringForm D Item 16
- Broker-dealers named in the Form D
- 5 named in the Form D
Show the firms
- AAG Capital, Inc. · CRD 188
- American Portfolios Financial Services, Inc. · CRD 18487
- DMK Advisor Group, Inc. · CRD 41067
- Great Point Capital LLC · CRD 114203
- S2K Financial LLC · CRD 248786
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Feb 4, 2022
- Minimum investment
- $100,000
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.
Who's behind MHC Affordable Housing DST?
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
- Sponsor
- Offerings on record
What does the SEC record show?
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.
- Legal Trust name
- MHC Affordable Housing DST
- SEC CIK
- 1926624
- First Form D
- May 10, 2022
- Latest Form D
- May 10, 2022
- Filings on record
- 1
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D | $32,855,260 | $10,580,854 | 27 | 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 MHC Affordable Housing DST?
- MHC Affordable Housing DST is a Historical offering. The record lists the offering as fully subscribed; the last Form D was filed May 10, 2022.
- What does this trust actually own?
- Nine manufactured-housing communities totaling 1,702 homesites — five in Michigan, three in Ohio and one in Pennsylvania. MHC Capital reports the trust acquired the portfolio on or about November 1, 2021, with offering-document per-community allocations totaling $59,500,000. Public sources describe the portfolio at the regional level and do not publish street addresses for each community.
- 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. 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. 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. 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%. Occupancy below full is common in value-add manufactured-housing portfolios, where vacant sites are the intended source of future lease-up.
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.