Largest MH Sector Acquisition Nearly Doubles Total Portfolio
Federal Capital Partners® (FCP) and Horizon Land Co., LLC (Horizon) today announced the $88 million acquisition of an 11- community, 2,413-site portfolio of manufactured homes primarily located in Western New York. Included in the acquisition is Gypsum Mills, a 560-site, five-star community located in Victor, NY. M&T Bank provided the senior debt financing.
“We are excited about our acquisition of this high-quality portfolio and its long-term prospects as a component of our business, and greatly look forward to providing an affordable housing option for current and future residents of these communities,” said FCP Vice President, Drew Odabashian.
Ryan Hotchkiss of Horizon Land Co., LLC, said, “Our acquisition of the Morgan Portfolio is the ideal next step in Horizon’s relationship with FCP. This acquisition substantially increases our joint portfolio, takes our partnership into an expanded geography, and provides an important building block for continued growth.”
This acquisition increases FCP/Horizon’s total manufactured housing holdings to a total of 32 communities with approximately 5,600 sites. Since closing the joint venture in late 2012, FCP/Horizon has acquired 22 communities representing approximately $180 million in value.
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, through its joint venture with Federal Capital Partners, presently owns and manages 32 manufactured housing communities in 7 states along the Mid-Atlantic, comprising, in the aggregate, approximately 5,600 rentable sites. For additional information, please visit www.horizonlandco.com
About Federal Capital Partners
Federal Capital Partners (FCP) is a privately held real estate investment company that has invested in or financed more than $4.0 billion in assets since its founding in 1999. FCP invests in all asset classes and provides equity, preferred equity and mezzanine debt investments for commercial and residential real estate. The firm, based in Chevy Chase, MD, owns and manages in excess of $2.3 billion in assets. FCP is currently investing its third investment fund, a recently closed commingled, discretionary fund targeted at real estate markets on the East Coast of the United States. For further information on FCP, please visit www.fcpdc.com