FCP® with partner KETTLER announce the sale of Fields at Cascades Apartments to Jair Lynch Real Estate Partners and Nuveen Real Estate for $105.5 million. The 320-unit apartment community was acquired by FCP and KETTLER in December 2014 for $55.78 million.
“Fields at Cascades is a well-located community in Loudoun County, an area in high demand by Northern Virginians. Over the past eight years, ownership has invested more than $1.2 million in improvements to this property, including updates to the leasing center, common area amenities, and curing of deferred maintenance,” said FCP’s Lollie Corrigan Loflin. “We are pleased that Jair Lynch and Nuveen are committed to preserving quality workforce housing through their investment in this property.”
The Fields at Cascades is located minutes from shopping at the Dulles Town Center, near parks and recreation, and convenient to the Dulles Tech Corridor. Residents can commute easily via Route 7, the Fairfax County Parkway or the Dulles Toll Road to Dulles Airport, the Silver Line, and the job centers of Northern Virginia. Community amenities include a pool, on-site fitness center, tennis courts and playground, community clubhouse, and a pet-friendly policy.
FCP extends its appreciation to Jonathan Greenberg, Jeff Kunitz, and Mike Canori of CBRE Affordable Housing for their representation.
FCP® is a privately held real estate investment company that has invested in or financed more than $9.3 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the United States. For further information on FCP, please visit www.fcpdc.com.
KETTLER is an award-winning multifamily developer, real estate investment, and property management company. Founded in 1977, the company has developed over 25,000 multifamily units, 5 million square feet of commercial space, more than 71,000 homes in 25 master-planned communities, and many of the D.C. region’s premier mixed-use communities. Headquartered in McLean, Va., the company manages approximately 20,000 apartments in the Northeast, Mid-Atlantic, and Southeast regions. For more information, visit www.kettler.com.