Federal Capital Partners® (FCP) today announced the acquisition, through its existing joint-venture with Horizon Land Co., LLC (Horizon), of two manufactured home communities with a combined 340 pads in Pennsylvania and North Carolina. The two acquisitions, together totaling an investment of $7.5 million, bring the FCP/Horizon portfolio to a total of 15 Mid-Atlantic communities with approximately 2,050 pads.
FCP Vice President, Drew Odabashian, noted that demand for affordable communities remains robust, saying, “We are pleased with the continued growth of our partnership with Horizon and excited to add these two stable, well occupied and maintained communities to our mid-Atlantic portfolio.”
Ryan Hotchkiss of Horizon Land Company said, “These acquisitions add to the venture’s community portfolio density in Pennsylvania and North Carolina and allow us to further maximize resources and achieve economies of scale in both states.”
About Federal Capital Partners
Federal Capital Partners (FCP) is a privately held real estate investment company that has invested in or financed more than $3.0 billion in assets since its founding in 1999. FCP is seeking debt and equity investments in commercial and residential real estate throughout the Mid-Atlantic region, including Washington DC, Maryland, Pennsylvania, Virginia, Delaware, West Virginia, New Jersey and the Carolinas. FCP buys assets directly as well as through joint ventures with local operating partners through equity, preferred equity or mezzanine debt investments.
In December 2012, FCP was recognized by PERE Magazine as one of the Top 10 Emerging Fund Managers. The firm, based in Chevy Chase, MD, manages $769 million of discretionary capital. FCP is currently investing FCP Realty Fund II, L.P., a $529 million commingled, discretionary fund closed in 2012. For further information on FCP, please visit www.fcpdc.com
About Horizon Land Co., LLC
Horizon Land Co., LLC is an experienced owner-operator of Manufactured Housing Communities. Formed in February 2006, Horizon Land Co. purchased its first community in January 2007 and currently owns and operates 16 communities in 5 states along the Mid-Atlantic, comprising, in the aggregate, close to 2,200 rentable sites. For additional information, please visit www.horizonlandcompany.com