Published Feb. 25, 2014
The price was not disclosed. Chevy Chase, Md.-based Federal Capital Partners made the acquisition with its existing joint venture, Crofton, Md.-based Horizon Land Co. LLC.
Federal Capital Partners Vice President Drew Odabashian said the entities look to acquire other communities in the Charleston area.
“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,” Odabashian said in a statement. “We are encouraged by the market’s dynamics.”
Since closing their joint venture in late 2012, the entities have acquired eight communities with a roughly $50 million combined value.
Federal Capital Partners is a privately held real estate investment company. It owns and manages roughly $2.3 billion in assets throughout the Mid-Atlantic region.
Horizon Land Co. is an owner-operator of 16 manufactured housing communities in the Mid-Atlantic region.
“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,” Ryan Hotchkiss of Horizon Land Co. said in a statement.