Chevy Chase, MD


Federal Capital Partners (FCP) and Kettler Inc. (Kettler) today announced the acquisition of a multi-family portfolio in the Hampton Roads area of Tidewater Virginia for $87.9 million. The portfolio, purchased from Great Atlantic Management Co., consists of a total 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

“This second investment by FCP in Tidewater area real estate reflects our confidence in the underlying fundamentals for this dynamic area of Virginia,” said FCP Managing Partner, Alex Marshall. “These seven properties, purchased well below replacement cost, fit perfectly with our strategy of acquiring well built assets in high quality locations where we believe we can improve operating performance through aggressive management and targeted capital improvements.”

“FCP and Kettler are planning to invest $7.7 million to improve these properties immediately upon closing,” said Summer Kassir Haltli, an Asset Management Associate for FCP.

“Kettler is looking forward to working with FCP on the improvements to these projects and is excited to be expanding our management services to the Tidewater area,” said Cindy Clare, President of Kettler Management.

FCP and Kettler extend their appreciation to Michael Marshall and Drew White of Cushman & Wakefield for their representation of the seller.

Over the last 14 months, FCP has been one of the most active investment companies in the MidAtlantic region, investing more than $390 million in transactions that ranged from direct investment as a JV partner in a downtown office building, to the purchase of a note of a foreclosed retail center, and the funding through preferred equity and mezzanine capital for a multi-family residential development. FCP has acquired, or funded, close to $1 billion of real estate over the past two years through the company’s FCP Fund I, L.P., a co-mingled real estate private equity fund. The investments include multi-family residential, office and retail real estate in the Mid-Atlantic region.

About Federal Capital Partners

Federal Capital Partners (FCP) is a Washington, DC based, privately held real estate investment company that has acquired interests in more than $2 billion in assets since 2003. FCP invests in residential and commercial assets throughout the Mid-Atlantic region, including Washington, DC, Baltimore, Philadelphia, the Virginia Tidewater region and the Raleigh/Durham area. Over the past two years, FCP has been one of the most active investors in the Washington region, amassing more than $1 billion in real estate assets. FCP’s managing partners are Tom Carr, Esko Korhonen, Alex Marshall and Lacy Rice.

Through its discretionary commingled private equity funds, FCP invests directly in core plus, valueadd, opportunistic and development properties. In addition, FCP provides both equity and debt capital to real estate operating partners and is aggressively seeking office, residential (for sale and for rent), industrial and retail investments in all of its target markets.


About Kettler Inc.

Founded by Robert C. Kettler in 1977, Kettler is among the largest private real estate and property management companies based in the D.C. metro area and one of the nation’s top 20 multifamily developers. The firm’s diverse business model has led to the delivery of more than five million square feet of commercial space, more than 50,000 homes in 25 master-planned communities and many of the area’s premier mixed-use communities. Kettler Management manages nearly 18,000 apartments in 82 locations from New York to the Carolinas and also offers a full range of services to corporate and institutional real estate owners. For more information visit