WASHINGTON, DC-Kettler has snagged two multifamily properties to manage for Federal Capital Partners, increasing its portfolio of apartments under management by 25%. The two properties are the Apartments of St. Charles in Waldorf, MD and Essex Village in Richmond, VA, for a total of 3,000 units.
Kettler also manages the Allegro for FCP, a 300-unit apartment community in the District’s Columbia Heights. The Apartments of St. Charles is a garden-style apartment community of 2,500-units. Essex Village is a 497-unit affordable apartment community.
FCP acquired the two communities from American Communities Properties Trust last fall for $43.6 million. It made the acquisition through an equity fund, called FCP Fund I, a $240-million equity pool raised in 2008 through which FCP made distressed and opportunistic investments. The fund was set up to target both hard assets and paper, FCP co-founder and partner, Esko Korhonen, told GlobeSt.com in an earlier interview.
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