(Read more on the multifamily market.)
MCLEAN, VA-Local developer Kettler, the former KSI, has acquired19.6 acres in Pentagon City from affiliates of Vornado Realty Trustfor approximately $220.4 million in a two-phase purchase. Kettlerjust closed on 11 acres for $104.3 million. And plans to purchasethe remaining 8.6 acres over the next year.
The developer already owned the ground leases to the twomultifamily properties on the acreage and the one that is currentlyunder development. Acquiring the land gives it greater flexibilityin financing and future development.
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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.
