MHC Capital Seeks $83M for 15-Community Manufactured Housing DST

MHC Capital II, LLC has launched MHC Affordable Housing DST V, a Delaware statutory trust offering seeking to raise $83.03 million from accredited investors to acquire a 15-community, 2,334-site portfolio of manufactured housing communities across the Midwest.

The offering was registered with the U.S. Securities and Exchange Commission in April and publicly launched last week. It requires a minimum investment of $100,000. MHC Affordable Housing DST, the sponsor’s prior offering, fully subscribed in 2022 after raising approximately $33 million for a nine-community, 1,700-site portfolio. The trust is 1031-exchange eligible.

The portfolio, acquired by MHC Capital for $123.8 million, is financed with debt at a 43.6% loan-to-value, according to the company. It spans eight communities in Ohio, five in Indiana, and one each in Michigan and Wisconsin. The trust acquired some of the communities in March 2026 from two MHC Capital-sponsored private funds, MHC Stable Income Fund I and MHC Stable Income Fund II, and investors in those funds are being cashed out as DST V equity is raised, according to MHC Capital.

MHC Capital said it operates a vertically integrated platform, housing property management, construction, and infill work under affiliated companies – FTI Property Management Inc. and Fieldstone Construction Inc. – rather than outsourcing those functions to third parties. The firm also uses a proprietary asset management platform, GrandersonOne, and trains staff through what it calls the FTI Academy. MHC Capital said it operates more than 4,000 manufactured housing sites and holds more than $200 million in assets.

“We identify communities in strong markets where a hands-on operator can create value,” said Kwame J. Granderson, managing principal of MHC Capital. “This is a portfolio we acquired with deliberate positioning to improve, and that’s the strategy we have been executing across our prior offerings.”

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