May 2, 2011
By Allison Landa, News Editor
A joint venture comprised of Federal Capital Partners and Kettler Inc. has acquired a multi-family portfolio in Virginia. The sale price was $87.9 million.
Purchased from Great Atlantic Management Co., the portfolio consists of 1,490 garden apartments in seven communities in Hampton, Newport News and Virginia Beach. These include the 396-unit Harbours in Newport News, the 300-unit Pines of Green Run in Virginia Beach, the 240-unit Mansards in Virginia Beach, the 210-unit Spinnaker Cove in Hampton, the 104-unit Tall Pines in Newport News, the 140-unit Lucas Creek in Newport News and the 100-unit Camelot in Newport News.
According to Federal Capital managing partner Alex Marshall, the investment reflects confidence in the area’s fundamentals. Additionally, he said that the move fits well with corporate strategy of acquiring quality assets in strategic locations.
The seller was represented by Michael Marshall and Drew White of Cushman & Wakefield.