Federal Capital Partners® (FCP) with joint venture partner, Kettler, has completed the $55.25 million sale of Fields of Leesburg, a 405-unit garden apartment community at 75 Plaza Street in Leesburg, VA. Originally built in the 1970’s, the property participates in a tax credit program that provides quality living at affordable rates to those that qualify.
“FCP is pleased to have successfully concluded its business plan at the Fields of Leesburg apartments. Kettler has been an extraordinary partner at Fields of Leesburg as well as at many other properties and we appreciate the opportunity to work with their superb team,” said FCP Senior Vice President, Jason Bonderenko. “The community is well-positioned for the future and we are excited to start the year with a transaction that demonstrates strong value creation. FCP acquired 1,727 apartments in 2016 and we will continue to be an active buyer in 2017.”
“The sale of the Fields of Leesburg was a strategic transaction for both FCP and Kettler, and we are pleased to start 2017 on such a positive note,” said Greg Slang, Vice President of Asset Management at Kettler. “We expect to be active buyers and sellers of multifamily assets and we look forward to continuing our relationship with FCP in future endeavors.”
FCP and Kettler extend their appreciation to Jeff Kunitz, Brandon Grisham and Jonathan Greenberg of CB Richard Ellis for their representation.
About Federal Capital Partners
Federal Capital Partners (FCP) is a privately held real estate investment company that has invested in or financed more than $5.0 billion in assets since its founding in 1999. FCP invests in all asset classes and provides equity, preferred equity and structured debt investments for commercial and residential real estate. The firm, based in Chevy Chase, MD, owns and manages in excess of $2.3 billion in assets. FCP is currently investing its third investment fund, a recently closed commingled, discretionary fund targeted at real estate markets in the Eastern United States. For further information on FCP, please visit www.fcpdc.com
KETTLER and KETTLER Management are owners, operators, and developers of apartments, condominiums, and mixed-use projects in the Washington, D.C. metropolitan area and throughout the mid-Atlantic region. Headquartered in McLean, VA, the company has developed nearly 20,000 multifamily units, 5 million square feet of commercial space, more than 46,000 homes in 25 master-planned communities and many of the region’s premier mixed-use communities. KETTLER Management successfully manages 30,000+ apartments for KETTLER and 3rd party clients from New York to South Carolina and Texas and offers a full range of services to corporate and institutional real estate owners. For more information, visit www.kettler.com