FCP, Kettler JV Buy Workforce Housing

LEESBURG, VA-Federal Capital Partners and joint venture partner Kettler have acquired a workforce housing community here for an undisclosed price. The property, called Fields of Leesburg, is a 404-unit garden apartment community located at 75 Plaza St. The property participates in a tax credit program that provides affordable housing to occupants that qualify. Kettler Management will manage the property.

The deal is FCP’s first investment in Loudoun County, and its second transaction with Kettler–the first being in Tidewater Virginia. The acquisition also provides FCP with more exposure to the workforce housing sector, an area in which it has been seeking investments, according to FCP Managing Partner Alex Marshall. “We will continue to look at ways to expand our presence in markets with similar dynamics to Loudoun County,” Marshall says in a prepared statement.