Federal Capital Partners® (FCP) today announced the acquisition, through its existing joint-venture with Horizon Land Co., LLC (Horizon), of Tilton Terrace, a 228-site manufactured home community in Egg Harbor Township, NJ. The community is located on more than 50 acres in close proximity to the Garden State Parkway and Atlantic City Expressway and is eight miles from downtown Atlantic City. This acquisition, the largest made by FCP in this sector to date, brings the growing FCP/Horizon portfolio to a total of 16 Mid-Atlantic communities with approximately 2,300 sites.
FCP Vice President, Drew Odabashian, spoke to the company’s entry into the New Jersey market, saying, “This opportunity offered us the chance to invest in a stable, well-maintained and thoughtfully developed community that provides a strong discount to single-family home prices in the neighboring areas. New Jersey’s stock of manufactured home communities is among the lowest in the nation and this property should continue to attract residents seeking a quality, affordable community close to transportation and job centers.”
Ryan Hotchkiss of Horizon Land Company said, “With 99% occupancy and a history of long-term tenancy, we view this acquisition as an excellent way to enter the New Jersey market.”
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