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 — sponsored by MHC Capital V, LLC.1 It holds a Midwest manufactured-housing portfolio anchored by Harbourtown in Vermilion, Ohio, and the communities secure a first mortgage that was pooled into publicly sold bonds.3 Equity is being raised from accredited investors, those meeting SEC income or net-worth tests.
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
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These links support the public record as a whole; 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?
Erie County records, as reported by Vermilion Daily, show Harbourtown JV LLC transferring the anchor park to this Trust on March 5, 2026 for $17,918,874.2 The communities sit across Ohio, Indiana, Michigan and Wisconsin — eight in Ohio, five in Indiana, one each in Michigan and Wisconsin — and an SEC mortgage prospectus supplement says they were assembled in separate purchases from non-institutional owners between 2017 and 2020.3
- 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 the portfolio holds both resident-owned and park-owned homes.3 An SEC mortgage prospectus supplement states the Trust leases the properties to an affiliated Master Tenant responsible for property-level operations and pad leasing; the reviewed public record does not name that affiliate.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 first mortgage rather than free and clear, so lender covenants and any refinancing sit ahead of investor equity. That loan appears in an SEC prospectus supplement for a commercial mortgage bond deal, meaning it was pooled and sold on to bond investors.3
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Who's behind it?
MHC Capital is a Midwest manufactured-housing owner-operator; the Form D names MHC Capital V, LLC as sponsor and MHC Affordable Housing Trust Manager V, LLC as signatory trustee.1 An SEC mortgage prospectus supplement lists Kwame Granderson — a co-founder of MHC Capital — with Steven Anderson and Bradley Froling as borrower sponsors and non-recourse carve-out guarantors.3 MHC Capital briefings dated June 2026 say Fund I and Fund II properties passed to this Trust in March 2026, cashing out those investors as equity here is raised.
- 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 — the brief public notice the SEC requires of a private offering — rather than an amendment.1 The Trust may be advertised publicly under Rule 506(c), the 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 prospectus supplement describes 15 properties totaling 2,335 pads across Ohio, Indiana, Michigan and Wisconsin, while S2K Financial and AltsWire describe 2,334 sites. The two counts come from different publishers and are preserved as published.
Who is the tenant?
There is no single corporate tenant paying rent on a building. Residents rent individual pads, so cash flow tracks pad rents and occupancy across many short resident leases. An SEC mortgage prospectus supplement states that the Trust leases the properties to an affiliated Master Tenant under a master lease and that the Master Tenant is responsible for property-level operations and pad-level leasing. The reviewed public record does not give the Master Tenant's legal name or the master-lease rent and term provisions; those would be set out in the PPM, the private placement memorandum governing the offering.
How occupied is the portfolio?
As of the underwritten rent roll dated March 1, 2026, the SEC mortgage prospectus supplement reports that the 1,775 pads carrying homes were 87.7% occupied, and that in-place pad rent averaged $487 — below the appraiser's concluded market rent. Top1031's data records 66.6% occupancy measured against all pads, with 87.7% of pads carrying homes; the gap is vacant pads with no home sitting on them. Occupancy in manufactured-housing communities moves slowly, because filling an empty pad usually means moving or selling a home onto it. A buyer would want a rent roll current to the purchase date rather than an 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. 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 different publishers, and Top1031 preserves both rather than reconciling them. Top1031's data drawn from the SEC mortgage prospectus supplement shows a $54,000,000 CMBS loan at 5.45%, interest-only, with a 41.3% loan-to-value and a 1.85x debt-service coverage ratio, against an as-portfolio appraised value of $130,690,000 that the same document says includes an approximately 6.2% portfolio premium over the $123,090,000 sum of individual property valuations. S2K Financial's page for the same Trust states a $54,000,000 loan at 5.50%, and AltsWire reported 43.6% loan-to-value. The loan documents and the PPM govern; a prospective buyer can ask the sponsor to explain the gaps in writing.
Has there been local reporting on any of these communities?
Yes, on Arrowhead Lake in Swanton, Ohio. The Toledo Free Press reported on February 25, 2026 — before the March 2026 transfer — that the community was 45 percent occupied across 285 lots and that many vacant homes carried multiple violations; Top1031's enrichment data lists Arrowhead Lake at 246 pads, and the two counts are preserved as published. 13abc reported on August 14, 2026 that a resident said the park's water was undrinkable and that billing errors produced a bill of nearly $400 despite minimal use. Targeted web research through September 4, 2026 identified no default, foreclosure, bankruptcy or litigation record involving the Trust itself.
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).