WASHINGTON, DC-Kettler has snagged two multifamily properties tomanage for Federal Capital Partners, increasing its portfolio ofapartments under management by 25%. The two properties are theApartments of St. Charles in Waldorf, MD and Essex Village inRichmond, VA, for a total of 3,000 units.
Kettler also manages the Allegro for FCP, a 300-unit apartmentcommunity in the District’s Columbia Heights. The Apartments of St.Charles is a garden-style apartment community of 2,500-units. EssexVillage is a 497-unit affordable apartment community.
FCP acquired the twocommunities from American Communities PropertiesTrust last fall for $43.6 million. It made the acquisitionthrough an equity fund, called FCP Fund I, a $240-million equitypool raised in 2008 through which FCP made distressed andopportunistic investments. The fund was set up to target both hardassets and paper, FCP co-founder and partner, Esko Korhonen, toldGlobeSt.com in an earlier interview.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
