Chevy Chase, MD


Federal Capital Partners (FCP) announced today its $29.5 million investment in a portfolio of manufactured home communities in North Carolina, Maryland and Pennsylvania. The 1,358 pad portfolio will be owned by a newly created joint venture between FCP and current owner, Horizon Land Co., LLC (Horizon) and is currently 88% leased.

“We are delighted to have formed this venture with Horizon Land Co.,” said FCP Managing Partner, Thomas A. Carr. “Over the last six years, Ryan Hotchkiss and Horizon have built a reputation throughout the region as an excellent investor in, and operator of, manufactured home communities. Manufactured home communities offer their residents the opportunity to own their own home at a substantial discount to either owning or renting a home in markets throughout the Mid-Atlantic. For investors, these properties offer an excellent investment opportunity as well, typically offering strong and extremely stable cash flow. For FCP, this is a very logical extension of our multifamily strategy.”

“Horizon Land Co. has focused exclusively on the ownership and operation of manufactured housing communities since its formation in 2006,” said Ryan Hotchkiss of Horizon Land Company. “At Horizon, ethical practices are as important as profit, and we have achieved both as we have strived to provide our residents with safe, quiet, and well managed neighborhoods while at the same time creating a profitable investment. We are excited to be joined in our venture by FCP, who understands and shares our vision and we look forward to working with them to expand and build upon our successful business model.”


About Federal Capital Partners

Federal Capital Partners (FCP), based in the Washington, DC metropolitan area, is a privately held real estate investment company that has acquired interests in more than $3 billion in assets since 2003. FCP invests in commercial and multi-family assets throughout the Mid-Atlantic region, including Washington, DC, Baltimore, Philadelphia, the Virginia Tidewater region and the Raleigh/Durham area and currently manages a portfolio of approximately $1.8 billion in real estate assets throughout those markets. FCP’s managing partners are Tom Carr, Esko Korhonen, Alex Marshall and Lacy Rice.

Through its discretionary co-mingled private equity funds, FCP invests directly in core plus, value-add, opportunistic and development properties. In addition, FCP provides both equity and debt capital to real estate operating partners and is aggressively seeking office, residential (for sale and for rent), industrial and retail investments in all of its target markets. Over the last two years, FCP has been one of the most active real estate investment companies in the Mid-Atlantic region, investing approximately $1 billion in transactions that ranged from direct investment as a JV partner in a downtown office building, to the purchase of a note of a foreclosed retail center, and the funding through preferred equity and mezzanine capital for a multi-family residential development. For further information on FCP, please visit

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 12 communities in 4 states along the Mid-Atlantic, comprising, in the aggregate, over 1,400 rentable sites. For additional information, please visit