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$87.9 Million Multifamily Portfolio Deal in Virginia

by thiryj

NREI Reports: Federal Capital Partners FCP and Kettler Inc. have acquired a multifamily portfolio in the Hampton Roads area of Tidewater, Va., for $87.9 million.  The portfolio, purchased from Great Atlantic Management Co., consists of 1,490 garden apartments in seven communities in Hampton, Newport News and Virginia Beach. The communities include:

  • Harbours, a 396-unit community in Newport News
  • Pines of Green Run, a 300-unit community in Virginia Beach
  • Mansards, a 240-unit community in Virginia Beach
  • Spinnaker Cove, a 210-unit community in Hampton
  • Tall Pines, a 104-unit community in Newport News
  • Lucas Creek, a 140-unit community in Newport News
  • Camelot, a 100-unit community in Newport News

FCP and Kettler plan to invest $7.7 million to improve these properties, which will be managed by Kettler Management. The company manages nearly 18,000 apartments in 82 locations from New York to the Carolinas.

via Federal Capital Partners, Kettler Acquire Multifamily Portfolio in Virginia for $87.9 Million.