Lucerne Lakeside is a 55+ (senior) manufactured housing community located on Lake Smart in Winter Haven, Florida. Winter Haven is an area which provides a favorable lifestyle to retirees as evidenced by its rating as one of “Americas 100 Best Places to Retire”. The amenities are typical of Florida senior parks and include a community center, six shuffleboard courts, one laundry room, and convenience to shopping and medical facilities.
Income-oriented investment profile with current return representing 69% of the total return. The strategy includes long term, fixed rate financing to lock-in low rates, thereby protecting the current return without sacrificing the ability to service the debt.
The community is well positioned in a tight housing and senior manufactured housing community market, with no new development and the potential to lose supply of manufactured housing communities to alternative real estate uses. In-migration to the area is strong, particularly among retirees. Historical occupancy at Lucerne has been stable and consistently in the low-to-mid-90’s over the past few years. At the time of acquisition, the property was 95% occupied.
99 Ranch signs long-term lease at Williams Trace Shopping Center
