Midwest Portfolio (incl. Harbourtown Mobile Home Park)
Manufactured Housing property in Multi-state (3) — sponsored by MHC Capital
Files with the SEC as MHC Affordable Housing DST V
Minimum investment
$100k
Offering size
$83.0M
How much has sold
None sold yet
Asset type
Manufactured Housing property
Location
Multi-state (3)
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 V is a Delaware statutory trust — the fractional-ownership vehicle 1031 exchangers use to take title to replacement property — holding a Midwest manufactured-housing portfolio anchored by Harbourtown in Vermilion, Ohio. It is raising equity from accredited investors, those meeting SEC income or net-worth tests, and an SEC mortgage-loan prospectus names the Trust as borrower on the portfolio's mortgage.3
Min $100k; $54M CMBS loan 5.45% IO, LTV 41.3%, DSCR 1.85x; occ 66.6% (87.7% of pads w/homes); appraised $130.7M
Show sources (9)Hide sources (9)
These links support the public record as a whole; individual details may come from different sources.
- U.S. Securities and Exchange Commission, Form D ↗
- Vermilion Daily, citing Erie County property records ↗
- U.S. Securities and Exchange Commission, BANK5 2026-5YR21 mortgage-loan prospectus (424B2) ↗
- S2K Financial ↗
- AltsWire ↗
- U.S. Securities and Exchange Commission, EDGAR filing index ↗
- sec.gov ↗
- sec.gov ↗
- sec.gov ↗
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?
Erie County records, as reported by Vermilion Daily, show Harbourtown JV LLC transferring the anchor park — 38.97 acres and 228 manufactured-home lots — to this Trust on March 5, 2026 for $17,918,874.2 The other communities sit across Ohio, Indiana, Michigan and Wisconsin.3 An SEC mortgage-loan prospectus reports an as-portfolio appraised value of $130,690,000 as of January 9, 2026, inclusive of a roughly 6.2% portfolio premium.3
- Property address
- 6320 Poorman Road North (Harbourtown, 228 pads), Vermilion, OH
- Property size
- 2,335 pads / 15 communities
Who is the tenant, and what's the lease?
There is no corporate tenant at ground level: residents rent pads, and while many own their homes, borrower affiliates own park-owned homes subleased through an affiliated master subtenant.3 An SEC mortgage-loan prospectus says the properties are leased to an affiliated Master Tenant responsible for operations and pad-level leasing; the reviewed record does not give its legal name.3
How are sales going?
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
Raise history appears here once sales are filed — free account required.
How is it financed, and what does it pay?
The Trust holds the portfolio subject to a mortgage rather than free and clear, so lender covenants and any refinancing sit ahead of investor equity. The $54,000,000 loan appears in a CMBS prospectus, meaning it was pooled into a securitization and sold to bond investors.3 Sponsor material identifies JP Morgan as the lender.4
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Who's behind it?
The Form D names MHC Capital V, LLC as sponsor and MHC Affordable Housing Trust Manager V, LLC as signatory trustee.1 S2K Financial serves as dealer manager for the Offering.4 Sponsor briefings dated June 2026 say the remaining MHC Stable Income Fund I and Fund II properties were acquired by this Trust in March 2026, with those funds' investors cashed out as equity here is raised. AltsWire reported on August 4, 2026 that MHC Capital acquired the portfolio for $123.8 million.5
- Sponsor
- MHC Capital
- Legal Trust name
- MHC Affordable Housing DST V
- 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 notice on file is an original Form D rather than an amendment, and a review of the SEC record dated September 1, 2026 identified no later or amended filing by the Trust.6 The Offering may be advertised publicly under the private-placement exemption that permits open marketing only where the sponsor affirmatively verifies each buyer's accredited status.
- 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.
Common questions
Is Midwest Portfolio (incl. Harbourtown Mobile Home Park) still raising money?
Top1031 lists Midwest Portfolio (incl. Harbourtown Mobile Home Park) as active because the sponsor is still filing with the SEC. That does not confirm that interests remain available.
Where does Top1031 get the data for Midwest Portfolio (incl. Harbourtown Mobile Home Park)?
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?
A Midwest manufactured-housing portfolio. The anchor asset in Top1031's listing is Harbourtown Mobile Home Park in Vermilion, Ohio (228 pads); the enrichment record also names Whispering Pines in Warsaw, Indiana (220 pads), Maple Grove in Kendallville, Indiana (251 pads), Arrowhead Lake in Swanton, Ohio (246 pads), Friendly Village in Adrian, Michigan (179 pads) and Colonial in Kendallville, Indiana (137 pads). An SEC mortgage-loan prospectus describes 15 properties totaling 2,335 pads — eight in Ohio, five in Indiana, one in Michigan and one in Wisconsin — while sponsor material describes 2,334 sites. The two counts come from different sources and are preserved as published.
Who is the tenant?
There is no single corporate tenant paying rent on a building. Residents rent individual pads, and cash flow tracks pad rents and occupancy across many short resident leases. An SEC mortgage-loan prospectus states that the properties are leased to an affiliated Master Tenant under a master lease, that the Master Tenant is responsible for property-level operations and pad-level leasing, and that park-owned homes held by borrower affiliates are subleased through an affiliated master subtenant. The reviewed record does not identify the Master Tenant's legal name or the master-lease commencement date or term; those would be set out in the PPM, the private placement memorandum governing the offering.
How occupied is the portfolio?
An SEC mortgage-loan prospectus reports 66.6% total weighted-average occupancy across 2,335 pads, based on an underwritten rent roll dated March 1, 2026, and states that 1,775 pads have homes on them. Top1031's enrichment record adds that 87.7% of the pads carrying homes were occupied, and the prospectus reports that, according to the borrower sponsors, the park-owned homes specifically were 60.0% occupied. Occupancy in manufactured-housing communities moves slowly, because filling a vacant pad usually means moving or selling a home onto it, so a buyer would want a rent roll current to the purchase date rather than the March 2026 underwriting snapshot.
How does this relate to MHC Capital's earlier funds?
MHC Capital investor briefings dated June 2026 state that the remaining MHC Stable Income Fund I and Fund II properties — including Town & Country and the Arrowhead assets — were acquired by this Trust in March 2026, and that Fund I and Fund II investors are cashed out as equity in this Trust is raised. AltsWire reported on August 4, 2026 that MHC Capital acquired the portfolio for $123.8 million and that some communities were transferred in March 2026 from those two affiliated funds. Because those were affiliate-to-affiliate transfers, a buyer can ask how the transfer prices were set and by whom.
Why do the loan terms differ depending on where you look?
They come from two different publishers and Top1031 preserves both rather than reconciling them. The SEC mortgage-loan prospectus for the securitization states a $54,000,000 original principal amount, a 6.5% rate, a 41.3% cut-off loan-to-value and a 1.85x underwritten debt-service coverage ratio. S2K Financial's sponsor page for the same Trust states a $54,000,000 loan amount, a 5.50% rate, a 43.60% loan-to-value and JP Morgan as lender. The loan documents and the PPM govern; a prospective buyer can ask the sponsor to explain the gap in writing.
Who can invest, and what is the minimum?
The Trust is offered under Rule 506(c), the private-placement exemption that allows public advertising but requires the sponsor to take affirmative steps to verify that each buyer is an accredited investor — a person meeting SEC income or net-worth tests — rather than accept a self-certification. The Form D filed April 9, 2026 reports a $100,000 minimum investment from an outside investor. Figures reported in that notice are a snapshot as of the filing date and do not establish where subscriptions stand today.
Chapter 9MHC Affordable Housing DST V — Real Estate PlatformSponsor/dealer-manager listing for MHC Affordable Housing DST V covering a 15-property, 2,334-site Midwest manufactured housing portfolio with MHC Capital V, LLC as sponsor; leverage loan amount $54M at 5.50%, sponsor co-investment and DST income strategy. MHC Affordable Housing DST V — Marketplace Listing1031 exchange marketplace listing describing MHC Affordable Housing DST V as a leveraged Delaware Statutory Trust targeting monthly DST income alongside sponsor co-investment; sponsor is MHC Capital V, LLC with S2K Financial as dealer manager; offering size $83,028,472 with leverage of $54M at 5.50%. MHC Capital Seeks $83M for 15-Community Manufactured Housing DSTAltsWire reported that MHC Capital publicly launched MHC Affordable Housing DST V and is seeking $83.03 million for a 15-community, 2,334-site manufactured-housing portfolio across the Midwest. Vermilion Township mobile home park sells for nearly $18 millionLocal news reports that the 228-site Harbourtown Mobile Home Park at 6320 Poorman Road, Vermilion Township sold March 5, 2026 for $17,918,874, with the buyer listed in Erie County records as MHC Affordable Housing DST V (mailing address West Covina, California).