Federal Capital Partners along with joint venture partner Kettler have closed on the $55 million sale of the Fields of Leesburg apartments in Leesburg, VA. The 405-unit garden apartment community at 75 Plaza Street, changed hands for just over $135,800 per unit. Originally built in the 1970’s, the property participates in a tax credit program that provides quality living at affordable rates to those that qualify.
“FCP is pleased to have successfully concluded its business plan at the Fields of Leesburg apartments. Kettler has been an extraordinary partner at Fields of Leesburg as well as at many other properties and we appreciate the opportunity to work with their superb team,” said FCP Senior Vice President, Jason Bonderenko. “The community is well-positioned for the future and we are excited to start the year with a transaction that demonstrates strong value creation. FCP acquired 1,727 apartments in 2016 and we will continue to be an active buyer in 2017.”
