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 280 pads in Delaware and North Carolina for a combined investment of $7.5 million. The acquisitions are the first since the venture was formed in early 2012 to recapitalize Horizon’s existing portfolio of ten Mid-Atlantic communities totaling approximately 1,400 pads.
“FCP is excited about the prospects of growing its relationship with Horizon and expanding our portfolio of manufactured homes, which now totals 1,680 pads in twelve communities throughout the Mid-Atlantic,” said FCP Senior Associate, Drew Odabashian. He continued, “These acquisitions reflect our continued interest in this sector, as robust demand for affordable housing is evidenced through the strong occupancy of these well-located communities.”
Ryan Hotchkiss of Horizon Land Company said, “These acquisitions give us an excellent opportunity to expand our existing presence in North Carolina, while building one in Delaware. Horizon looks forward to managing these communities and building relationships with the residents.”
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. 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 13 communities in 5 states along the Mid-Atlantic, comprising, in the aggregate, close to 1,700 rentable sites. For additional information, please visit www.horizonlandcompany.com