ACPT was established in 1998 when it was spun off from its predecessor, Interstate General Co. L.P. IGC started in Puerto Rico as a construction and building firm and gained vast experience in a variety of activities from housing and shopping centers to bridges and roads. In 1968 the company decided to expand its operations into the area of large scale planned development and acquired over 7,000 acres of land in Charles County, Maryland-22 miles from the White House--which was to become the master-planned community of St. Charles, MD. Today, St. Charles is considered to be one of the most successful planned communities of that era, having both met fiscal objectives by becoming a self-sustaining community and providing an enjoyable and attractive place to live for all socio-economic levels. St. Charles is zoned to include 24,730 housing units on 9,100 acres in five villages-Smallwood, Westlake, Fairway, Wooded Glen and Piney Reach. The first two villages are complete; the third, Fairway, is under construction.
ACPT's success in planned communities continues with the current development of the 430 acre Parque Escorial community located outside of San Juan Puerto Rico. Parque Escorial is zoned to include 2,700 condominium units in a mixed used environment. Approximately 2,400 units have been constructed, and the remaining parcel is under development.
ACPT also owns and manages a portfolio of more than 3,000 apartments, primarily in St. Charles. The Company's rental housing mix is diverse, and includes subsidized units, age restricted communities, and fair market apartments. The company and its predecessors have developed land for more than 12,000 housing units and built more than 5,000 homes and 2 million square feet of commercial space.