ALEXANDRIA, VA-Kettler has acquired off-market two affordable housing apartments here from a JV it has with SunAmerica. It took full control of the two properties, The Fields of Alexandria and The Fields of Old Town, for $35.4 million, or $87,600 per unit.
Kettler originally acquired and redeveloped both properties in 1997 and 1998 with the use of Low Income Housing Tax Credits (LIHTC). Since that time, the two properties have been operated as affordable housing communities.
Kettler and SunAmerica own a large portfolio of affordable multifamily projects, Kettler’s Greg Slang tells GlobeSt.com. Kettler decided to acquire these two properties because it likes their long-term prospects. “There is still 15 years remaining in the affordability period and after that there is redevelopment potential,” he says. “We bought these assets to be able to dictate their future.”
In the immediate term, Kettler is investing approximately $5 million in their renovation. It is financing the rehab through the acquisition funding it received via the tax-exempt bonds issued by the Virginia Housing Development Authority for the project, Slang says.
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