DLP Capital, a private real estate investment and financial services firm, announced that it has provided $23 million in financing to Sunlight Resorts for the development of a high-end manufactured rental home community in the city of Avon Park, in Central Florida’s lake region. The new community, Twin Lakes at Avon Park, will feature 325 homes spanning more than 76 acres, nestled between Lake Anoka and Lake Lelia. The development is located in a strong rental market but one that is significantly underserved in terms of affordable, workforce housing. While homes at Twin Lakes will be factory-built, they mark a new era of manufactured homes emerging as America’s workforce seeks out quality alternatives to high-priced home ownership. Twin Lakes models will resemble modern residential homes, providing luxury-style living with a variety of floor plans, set within a community featuring a wide variety of amenities—including a resort-style clubhouse, tiki pavilion, fitness center, and pickleball, and with nearby public fishing/boating docks. DLP Capital is financing the community development costs including pads, independent of the modular homes themselves.
“DLP Capital continues to provide capital solutions that impact the workforce housing crisis in America, and Twin Lakes at Avon Park will help fill the enormous void in affordability that continues to plague many Sunbelt markets,” said Don Wenner, Founder and CEO of DLP Capital. “Today’s design and construction of manufactured homes is a far cry from days of old, and the sector is piquing the interest of both investors and renters. We expect this rental community to draw very strong interest.”
The Twin Lakes at Avon Park site is located at 1500 S. Lake Boulevard in Avon Park, which is situated about midway between Vero Beach, on Florida’s east coast, and St. Petersburg, on the west coast.The development is adjacent to South Florida State College, which has a student population of 16,000, many of whom are expected to be among the renter population at Twin Lakes. DLP Capital is providing bridge financing for the new community, with pads expected to be ready for the delivery of homes by early 2024.
“Sunlight Resorts continues to be a pioneer in the manufactured housing rental sector, elevating the quality and strong desirability of our communities in pristine locations like Florida’s lake region,” said Tristan Farrell, President of Sunlight Resorts. “We are reimagining the Florida lifestyle, melding together great locations with resort-style amenities and smartly designed, manufactured homes.” Sunlight Resorts, is a real estate development firm headquartered in Duluth, Georgia, with a Florida office in Avon Park.
The average 3-bedroom/2-bath floor plan will be 1,027 square feet. Homes will be energy-efficient, green-friendly homes, featuring heating/cooling systems that are 20-30% more efficient than in standard homes. They also include high insulation requirements, thermally efficient windows, and the benefit of solar street lighting. In addition to the clubhouse, tiki pavilion, fitness center, and pickleball courts, the community will feature a resort-style swimming pool, dog park, shuffleboard and bocce courts, and more.