KW Communications has informed MHProNews that Federal Capital Partners and Horizon Land Co. LLC have purchased eleven manufactured home communities (MHCs), primarily in western New York, for $88 million. This 2,413 home site transaction brings to 32 MHCs the two companies own with a total of 5,600 home sites.

The largest community in this deal is Gypsum Mills, a five-star community near Rochester, NY comprised of 560 home sites, with M&T Bank providing the financing. Ryan Hotchkiss of Horizon said, “This acquisition substantially increases our joint portfolio, takes our partnership into an expanded geography, and provides an important building block for continued growth.”

A study from Marcus & Millichap reports resident demand for affordable housing in the northeast has pushed vacancy down 30 basis points to 8.7 percent over the last year, while rents in the region have increased 3.4 percent to $451 monthly. This marked the third consecutive year of gains. Nationwide the report says high demand for MHCs has elevated prices and compressed cap rates in most markets. ##

(Photo credit: Horizon Land Co. LLC–manufactured home)

   Article submitted by Matthew J. Silver to Daily Business News-MHProNews.