Federal Capital Partners® (FCP) today announced the acquisition, through its existing joint venture with Horizon Land Co., LLC (Horizon), of Dorchester Village, a 310-site manufactured home community in Charleston, South Carolina. The community is conveniently located in North Charleston, approximately 13 miles from downtown and proximate to the newly constructed and expanding Boeing Dreamliner plant and the Charleston International Airport. The acquisition marks the JVs first in South Carolina and brings the portfolio to a total of 18 Mid-Atlantic communities with approximately 2,750 sites. Since closing their joint venture in late 2012, FCP/Horizon acquired eight communities representing approximately $50 million in value, with several others in the works.
FCP Vice President, Drew Odabashian, is excited with the acquisition, saying, “Dorchester Village is a great addition to our stable, growing portfolio and provides a strong discount to the cost of single-family home ownership or apartments in the Charleston market. We are encouraged by the market’s dynamics and hope Dorchester represents the first of many communities for us in this area.”
Ryan Hotchkiss of Horizon Land Company said, “With close to 90% and rising occupancy, we view this as an excellent way to enter the Charleston market and look forward to providing an attractive community for the many residents and families who live in Dorchester Village.”
About Federal Capital Partners
Federal Capital Partners (FCP) is a privately held real estate investment company that has invested in or financed more than $3.5 billion in assets since its founding in 1999. FCP is seeking equity, preferred equity and mezzanine debt 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. The firm, based in Chevy Chase, MD, owns and manages in excess of $2.3 billion in assets. FCP is currently investing its second investment fund, a $529 million commingled, discretionary fund closed in 2012. For further information on FCP, please visit www.fcpdc.com