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A 405-unit garden apartment community in Leesburg has traded hands for $55M.
Federal Capital Partners and Kettler sold the property, Fields of Leesburg, to an undisclosed buyer. CBRE's Jeff Kunitz, Brandon Grisham and Jonathan Greenberg represented the seller.
The JV bought the property at 75 Plaza St. in 2011 for $16M, according to property records. Fields of Leesburg was recently renovated, but the price appreciation shows that multifamily assets in the DC suburbs remain in high demand.
FCP senior vice president Jason Bonderenko said the company, which acquired 1,727 apartments in 2016, is going to be an active buyer again this year. FCP managing director Esko Korhonen is speaking at Bisnow's Capital Markets and Finance event next month.
“FCP is pleased to have successfully concluded its business plan at the Fields of Leesburg apartments," Bonderenko said in a release. “The community is well-positioned for the future, and we are excited to start the year with a transaction that demonstrates strong value creation."
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