Federal Capital Partners® (FCP) today announced the acquisition, through its existing joint venture with Horizon Land Co., LLC (Horizon), of Delsea Woods, a 130-site, 100% occupied, manufactured home community in Vineland, NJ. The community is located on more than 22 acres approximately half a mile from the intersection of NJ 55 & 47 and in close proximity to the Cumberland Mall and other top national retailers. The acquisition brings the FCP/Horizon portfolio to a total of 17 Mid-Atlantic communities with approximately 2,400 sites.
FCP Vice President, Drew Odabashian, emphasized the continued focus of building market share in highbarrier locations, “Delsea Woods, similar to our recent Tilton Terrace acquisition, is a high-quality family community which represents a discount to the cost of home ownership for local residents and provides an excellent alternative to those priced out of the single-family home market.”
Ryan Hotchkiss of Horizon Land Company said, “This acquisition is a good opportunity to continue to build our portfolio in New Jersey. The supply of manufactured home communities here is one of the lowest in the Country and this property meets all of our criteria for a stable, well-maintained community.”
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 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