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FCP, KETTLER Complete $106M Disposition of Sterling Apartment Community
FCP and partner KETTLER have sold Fields at Cascades Apartments to Jair Lynch Real Estate Partners and Nuveen Real Estate for $105.5 million. The 320-unit apartment community in Sterling, VA was acquired by FCP and KETTLER in December 2014 for $55.8 million.
Jonathan Greenberg, Jeff Kunitz, and Mike Canori of CBRE affordable housing represented the seller in the transaction.
“Over the past eight years, ownership has invested more than $1.2 million in improvements to this property, including updates to the leasing center, common area amenities, and curing of deferred maintenance,” said FCP’s Lollie Corrigan Loflin. “We are pleased that Jair Lynch and Nuveen are committed to preserving quality workforce housing through their investment in this property.”
The Fields at Cascades is convenient to the Dulles Tech Corridor. Residents can commute via Route 7, the Fairfax County Parkway or the Dulles Toll Road to Dulles Airport, the Silver Line and the job centers of Northern VA.
- ◦Sale/Acquisition
