Kettler Management, a multifamily management firm based in McLean, VA, won the top three prizes at the National Apartment Association’s (NAA) Maintenance Mania® competition, hosted for the first time by NAA’s local affiliate, the Apartment and Office Building Association of Metropolitan Washington (AOBA). Jose Ciciliano of Riverdale, MD, with Kettler Management, was among more than 50 maintenance staff who participated in the April 10th program developed to recognize and honor the critical work done by maintenance professionals at apartment building communities. Kettler employees James Bunder-Bundor of Stafford, VA and Jorge Blanco Martinez of Silver Spring, MD - won second and third place. HAI Humphrey Management was presented with a “Spirit Award” for cheering on their employees in the most enthusiastic manner.
The competition, offered by NAA and presenting sponsor HD Supply Facilities Maintenance, was held at Martins Crosswinds in Greenbelt, MD. It consisted of eight maintenance-focused challenges that tested competitors’ maintenance skills and knowledge of the industry. The first place winner, Jose Ciciliano, not only won $1,000 in game prizes but also won the Grand Prize of $500 AND won a Door Prize of $100 gift card!
The area’s multifamily maintenance professionals from 14 companies that manage apartment communities in DC, Suburban Maryland and Northern Virginia competed against each other to see who was the fastest at deadbolt key control, faucet repair, appliance repair, fire & carbon monoxide safety installation, toilet repair, lamp & ballast retrofit and ceiling fan installation. The finale of the event was a clever race car competition, where the competitors built a model car - using at least one maintenance product or part - and raced it down a derby-style track.
“AOBA is delighted with the success of this first-year program and congratulate all of our hard-working participants for a terrific job! We look forward to having many more participants compete in Maintenance Mania next year,” said Jeanne Clarke, Director of Administration for AOBA.
“Maintenance professionals are essential to the success and viability of the multifamily housing industry,” said NAA President Doug Culkin, CAE. “NAA is extremely proud to be able to shine a light on such an outstanding group of individuals through the Maintenance Mania® program.”
For more information about the Apartment and Office Building Association of Metropolitan Washington, visit www.aoba-metro.org.
]]>McLean, VA
Kettler, one of greater Washington, D.C.’s leading real estate development and property management companies, today submitted a plan to Arlington County to redevelop the former Crystal City Post Office located at 1720 South Eads Street.
If approved by the County Board, the high-rise apartment community will have more than 200 residences. The development is the first residential project participating in the new C-O Crystal City Zoning District. The community will be a driving force in revitalizing and enhancing 18th Street and the western gateway of Crystal City. This new development will be situated in close proximity to the center of Crystal City, putting Crystal City’s aspiring shops, recreation and entertainment at residents’ doorstep while allowing them to walk or take the Metro to work.
Kettler anticipates breaking ground by the end of 2013. Under the Crystal City Zoning District, the site is slated for residential use and will cost more than $50 million.
“Our plans for the redevelopment of the former post office will catalyze the transformation of Crystal City’s western gateway,” said Stephan Rodiger, Vice President of Multifamily for Kettler. “We envision the new development providing an anchor to the revitalizing western gateway, bringing a younger urban professional demographic to an area that is poised to be a truly livable and dynamic neighborhood.”
If approved, the proposed community will be located adjacent to major metro and commuter stops in Crystal City and Pentagon City, and just minutes from Reagan National Airport. Residents will enjoy close proximity to new walking paths and the 18-mile Mount Vernon Trail, which winds along the Potomac River from historic Mount Vernon into Washington, DC. As more residents commute to work by bicycle, the new development will offer ample bike amenities, including first floor commuter parking, storage and a maintenance room.
The Kettler designed smoke-free apartment community will be LEED silver certified. Among the green building features will be a high efficiency mechanical system, sustainable materials, water saving fixtures, energy-efficient appliances and recharging stations for electric cars.
The livable luxury community will offer residents a boutique hotel experience with a wide variety of amenities. The lobby “great room” will be the central gathering space bridging Crystal City’s bustling 18th Street with the building’s tranquil outdoor courtyard. The Wi-Fi enabled common areas will include a state-of-art fitness center, media lounge and conference room. The rooftop terrace will be a place to both relax and entertain, offering residents a pool with sun deck, kitchen with bar and BBQ grills, and an entertainment lounge centered around a fireplace.
About Kettler Inc.
Founded in 1977, Kettler develops planned communities, apartments, condominiums, and mixed-use projects. Headquartered in McLean, Va., Kettler is also among the top multifamily housing developers in the nation. The company has developed more than 15,400 apartments and condominiums, 5 million square feet of commercial space, more than 46,000 homes in 25 master-planned communities and many of the region’s premier mixed-use communities. Kettler has five multifamily projects in various stages of development, which consist of nearly 1,700 apartments throughout Washington, DC, Maryland and Virginia. Kettler Management manages more than 19,000 apartments in 85 communities from New York to the Carolinas and will add over 5,000 apartment units to its portfolio in 2012. Kettler Management also offers a full range of services to corporate and institutional real estate owners.
]]>St. Charles, MD
The St. Charles Companies has completed The Nines at Gleneagles, a new, 120-unit market rate rental apartment building in the 9,100 acre master-planned community of St. Charles, MD.
Rents average less than $1,700 per month. Amenities include access to swimming pools, tennis courts, walking trails, playgrounds, lakes and in-community shopping and restaurants.
The apartment community is the second of three that are planned for the St. Charles' neighborhood. The Company plans to begin construction of the third apartment community, which includes an additional 213 units, in early 2013.
Harkins Builders was the General Contractor for the project with construction financing provided by Wells Fargo. Property management services will be provided by Kettler.
]]>Durham, NC
Crescent Resources, LLC completed its acquisition of a six-acre site adjacent to Ninth Street and the historic Erwin Mill building today. Construction will begin immediately on a landmark 303-apartment home community, Circle Ninth Street. The first apartments are expected to be complete in the fall.
“This irreplaceable site is ideal for multifamily residential with its close proximity to the entertainment and dining venues in the Ninth Street District, Whole Foods, Duke University and Duke’s medical campus that employs more than 32,000 people,” said Brian Natwick, president of Crescent Resources’ multifamily division. “Circle Ninth Street will offer a unique lifestyle that allows residents an opportunity to work, play and live all within easy walking distances.”
The architectural style of Circle Ninth Street was inspired by the existing historic Erwin Mill building and the previous factories and warehouses in the area. Those styles will be incorporated across several distinct building types to provide a neighborhood feel and context for the Ninth Street community. A mix of reclaimed industrial materials and clean modern aesthetics will highlight the interior spaces. Circle Ninth Street is designed to meet Leadership in Energy and Environmental Design (LEED) certification requirements from the U.S. Green Building Council.
The arrangement of the four-story buildings will provide several private outdoor amenity areas, including a central lawn, community park, dog park, and pool and fitness courtyard. The courtyards will be interconnected, and the streetscape areas are designed for urban, walkable connections. Resident amenities will include a lounge, wireless cafe, gaming room, demonstration kitchen, group study library, business center, screening room and fitness center.
Cline Design Associates of Raleigh is the project architect and landscape architect. Historical Concepts, based in Atlanta, serves as the design consultant. John R. McAdams of Durham is the land planner and civil engineer, and Vignette Interior Design of Charlotte is the interior designer. State Building Group of Charlotte has been named the general contractor. Kettler Management of McLean, Va., will serve as the property manager.
The $47 million project is being financed by an equity investment from Crescent Resources and financing through U.S. Bank N.A. and Pearlmark Real Estate Partners LLC. Crescent has started construction on four multifamily communities in 2011, and this is the company’s third equity investment in a multifamily project this year.
More information is available at LiveNinthStreet.com. The website also provides a signup form for people who wish to receive project announcements and leasing information.
About Circle
Circle was inspired through extensive review and analysis of current industry trends and marketplace needs. The progressive Circle communities are places where neighbors connect. In addition to presenting a new breed of apartments that people are excited to live in, Circle developments are also infused with the exceptional quality and customer-oriented features that have become Crescent hallmarks. Visit www.liveinthecircle.com for more information.
Crescent’s existing multifamily communities include Circle at South End in Charlotte, N.C.; Circle at Concord Mills in Concord, N.C.; Circle at Crosstown in Tampa, Fla.; and Circle at Bartram Park in Jacksonville, Fla. In addition to Circle Ninth Street, multifamily communities under construction include The Venue at Cool Springs in Nashville, Tenn.; Circle West Campus in Austin, Texas; and Gallery at Cameron Village in Raleigh, N.C. Crescent’s planned multifamily communities include Circle SouthPark in Charlotte; and Circle Bayshore in Tampa; and four additional developments planned to start construction in 2012.
]]>Kettler's Millennium at Metropolitan Park in Arlington, Virginia was nominated by ForrestPerkins for Interior Design Magazine's "Champions of Real Estate". "We shaped the dramatic 30-foot tall lobby, which includes a glass bridge, to be an open design that draws visitors' eyes through the building, past the concierge station and out into the park--a green roof over the garage." Click here to see the image chosen for the article.
]]>McLean, VA
Kettler, Inc., one of the nation’s top multifamily developers, today announced that move-ins are under way at the first phase at Rappahannock Landing in Fredericksburg, Va., a community of townhomes developed by Kettler and built by NVR’s Ryan Homes division, representing the most affordable new homes of their kind in Northern Virginia.
Model homes opened in September with prices starting in the upper $170s and prospective home-buyers began touring the community, which will eventually consist of 600 units over four phases.
According to Ryan Homes, the new townhomes at Rappahannock Landing are available in three all-new floor plans offering between 1,280 and 2,440 square feet with up to 4 bedrooms and 3 1/2 baths. With three finished levels, these new townhomes offer ample living space, spacious eat-in kitchens with G.E. ® appliances, 9’ first floor ceilings, private owner’s suites with walk-in closets, bedroom level laundry rooms and large finished recreation rooms. All three plans are available with a 1-car garage.
“These selling prices are unheard of for new construction of this caliber, so we are not at all surprised at the immediate reaction from home-buyers who recognize great floor plans, high quality construction and all around outstanding value when they see it,” said Robert Kettler company founder and CEO, noting Kettler’s 30-year history of working with NVR and Ryan Homes. “With this partnership, the home-buyers are the winners and they’re benefiting from our land development expertise and NVR’s reputation as one of the region’s best builders.”
Located in Stafford County, Rappahannock Landing offers one of the area’s most commuter friendly locations. Located off of Musselman Road, the community is less than one half mile from I-95 and Route 17 and just minutes to VRE. A variety of shopping and dining options are within close proximity – including Central Park, Spotsylvania Towne Centre and historic Downtown Fredericksburg.
Future amenities planned for the community include a Junior Olympic swimming pool and clubhouse, pocket parks and open spaces as well as maintenance-free living with lawn care included.
Like all new Ryan Homes, the Rappahannock Landing townhomes are fully ENERGY STAR® Qualified, yielding monthly utility bills up to 30 percent lower than standard homes, according to the EPA. All Ryan Homes also carry 10-year structural warranties and are independently inspected for quality by a third-party provider.
To visit Rappahannock Landing in Fredericksburg, take I-95 to Exit 133A toward Falmouth. Take the first right at the traffic light onto Short Street and continue to the stop sign. Turn left onto Musselman Road, then left at the Rappahannock Landing community entrance. The model home is ahead on the left. Hours are: Mon. 12-6, Tues -Fri. 10-6, Sat. & Sun. 11-6. To arrange a private sales consultation, or for further information, please phone (540) 710-0378.
About NVR NVR, Inc. (NYSE: NVR), one of the nation’s largest homebuilding and mortgage banking companies, operates in two business segments: homebuilding and mortgage banking. The homebuilding unit sells and builds homes under the Ryan Homes, NVHomes, Rymarc Homes and Fox Ridge Homes trade names, and operates in 26 metropolitan areas in 15 states. For more information about NVR, Inc. and its brands, see www.nvrinc.com, www.ryanhomes.com, www.nvhomes.com, www.foxridgehomes.com and www.rymarc.com.
About Kettler Inc. Headquartered in McLean, Va., Kettler Inc. was founded in 1977 and is among the top multifamily housing developers in the nation. Kettler has developed more than 15,000 apartments and condominiums, 5 million square feet of commercial space, more than 46,000 homes in 25 master-planned communities and many of the region’s premier mixed-use communities. Kettler Management manages more than 18,000 apartments in 85 communities 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 www.kettler.com.
ENERGY STAR is a registered trademark owned by the U.S. government.
]]>DALLAS, Texas
The Howard Hughes Corporation (NYSE: HHC) today announced the development of new residential and retail in downtown Columbia, Md. This is the first project to be executed under the 2010 approved downtown Columbia redevelopment plan, which allows up to 13 million square feet of net new density to be comprised of 5,500 residential units, five million square feet of office, one million square feet of retail, and up to 640 hotel rooms. This first phase of a larger development plan will include approximately 375 ‘Class A’ rental residential units and more than 14,000 square feet of retail space.
“We are very excited to begin the new development of downtown Columbia. This is the initial step of a comprehensive plan to revitalize the town center, and one that has been highly anticipated by the community,” said Hughes’ Senior Vice President John E. DeWolf.
The Howard Hughes Corporation is partnering with local developer Kettler, of McLean, Va. Kettler is a privately held residential developer, owner and manager, with a successful history in developing high-end residential products in the market including mixed-use environments in Reston , Arlington and Leesburg, Va. Kettler has an ownership interest in approximately 8,000 apartment units across 44 communities throughout the greater Washington, D.C. metro region.
Also involved with the partnership is Orchard Development of Ellicott City, Md. Orchard is a multi-family developer, owner, and manager, and has developed land for more than 6,500 residential units in four states and Washington, D.C.
“Partnering with The Howard Hughes Corporation is a great opportunity,” said Chairman Robert C. Kettler, “The project in downtown Columbia allows us to apply our knowledge from other premium real estate developments in the Greater Washington Metropolitan area and deliver an important and high quality addition to Columbia.”
ABOUT THE HOWARD HUGHES CORPORATION The Howard Hughes Corporation owns, manages and develops commercial, residential and mixed-use real estate throughout the country. Created from a selected subset of 34 assets previously held by General Growth Properties, the company's properties include master planned communities, operating properties, development opportunities and other unique assets spanning 18 states from New York to Hawaii. For more information on the company, visit www.howardhughes.com or contact Kay Weinmann via e-mail at kay.weinmann@howardhughes.com or by telephone at (214) 741-7744.
ABOUT KETTLER Founded by Robert C. Kettler in 1977, Kettler is among the largest private real estate development and property management companies based in the D.C. metro area. The firm’s diverse business model has led to the delivery of more than five million square feet of commercial space and more than 50,000 homes in 25 master-planned communities (many of the area’s premier mixed-use communities). Kettler Management operates18,000 apartment units in 77 communities from New Jersey to North Carolina and also offers a full range of services to corporate and institutional real estate owners. For more information, visit www.kettler.com or contact Nicole Jones at 703-226-6021
ABOUT ORCHARD DEVELOPMENT CORPORATION Founded in 1979 by local developer Earl Armiger Orchard Development Corporation has developed land for more than 6,500 residential units in four states and Washington, D.C., initially specializing in planned communities and garden apartments. In recent years, the company has concentrated on adaptive re-use, infill and revitalization development. The breadth of Orchard Development’s work extends from student housing to senior communities, from luxury to affordable rental apartments, and mixed-income communities to community revitalization. Additionally, with sister company, Armiger Management, Orchard Development provides management services to each of their properties.
Safe Harbor Statement Statements made in this press release that are not historical facts, including statements accompanied by words such as “will,” “believe,” “expect” or similar words, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s expectations, estimates, assumptions and projections as of the date of this release and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially include, among other things, the ability of The Howard Hughes Corporation and its partners to successfully develop the residential units and retail space in Columbia, MD as well as the risk factors in The Howard Hughes Corporation’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2010 and its Quarterly Reports on Form 10-Q.The Howard Hughes Corporation cautions you not to place undue reliance on the forward-looking statements contained in this release. The Howard Hughes Corporation does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.
]]>McLean, VA
Kettler, Inc., one of the nation’s top multifamily developers, announced work is under way on its latest project in Washington, D.C. The mixed-use residential development at 450 K Street is located in the heart of historic Mount Vernon Triangle, one of the city’s most up and coming neighborhoods. Data from the 2010 Census shows that of 30,000 new residents in the District, one third of them moved into and around this community.
The $80 million complex—featuring 233 high-end apartments and more than 7,000 square feet of street-level retail—will break ground in 2012 with completion in 2014. The project is expected to earn LEED Silver certification.
“Creating urban living environments that fit into the fabric of a community is what motivates us,” said Robert Kettler company founder and CEO, adding that Kettler, Inc. has several other developments in the pipeline and is pursuing new projects that will integrate with the company’s high standard for first-class multifamily development, namely the award-winning Metropolitan brand.
Kettler noted that “450 K Street is in one of the most dynamic and energetic neighborhoods in the District of Columbia—and a very interesting historic district,” with origins as a working class neighborhood that evolved into a commercial district. The designs are sensitive to the area’s history as well as responsive to the needs of the neighborhood, he said. R2L:Architects and Bohler Engineering are partners in the project, which received design approval from the District’s Historic Preservation Review Board in June.
Kettler’s new 450 K Street is within walking distance of three Metro stations—Gallery Place/Chinatown, Mount Vernon Square and Judiciary Square—and several city destinations, including the D.C. Convention Center, the Verizon Center and Georgetown University Law Center. It is across the street from attractive retail offerings including a Safeway, Bus Boys & Poets and Vida Gym.
The community will offer high-end amenities including a fitness center, a landscaped courtyard and roof deck with pool and green entertaining space; each having a diverse array of spaces fit for quiet reflection, larger social gatherings and recreation. The rooftop spaces will have views of the Capitol, the National Cathedral and the Washington Monument. Floor plans will focus on transitional designs that include mobile kitchen islands and collaborative open spaces.
Like all Kettler-managed properties, residents of 450 K Street will enjoy a discounted partnership with ZipCar and will have access to a bike-sharing program. The property will also include ample bike storage. Real-time bus and train schedules will be posted in the building and wireless internet access will be available both indoors and outdoors. The street-level retail space is geared for one or two boutique restaurants.
About Kettler Inc.
Headquartered in McLean, Va., Kettler Inc. was founded in 1977 and is among the top multifamily housing developers in the nation. Kettler has developed more than 15,000 apartments and condominiums, 5 million square feet of commercial space, more than 46,000 homes in 25 master-planned communities and many of the region’s premier mixed-use communities. Kettler Management manages more than 18,000 apartments in 85 communities from New York to the Carolinas and also offers a full range of services to corporate and institutional real estate owners.
]]>Washington, DC,
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:<\p>
“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 Mid-Atlantic 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 PartnersFederal 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, value-add, 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.
]]>Arlington, VA
Revolution Cycles is pleased to announce a partnership with Kettler Management that will allow both employees and residents of Kettler to enjoy the people-managed bike share program at the Revolution Cycles City Hub, located in Crystal City, Virginia. With the formation of this unique relationship, residents from more than sixty-five Kettler Communities, including more than 15,000 apartments, will have low cost access to the City Hub’s fleet of Trek Allant bicycles.
The City Hub opened in March of 2010 and has focused on getting more people on bicycles through an innovative, human-operated bike share program. Crystal City residents as well as employees of Crystal City businesses currently benefit from the bike share program, and Revolution Cycles looks forward to more people riding bikes through its new partnership with Kettler. “We feel that the Revolution Cycles bike share program is the perfect fit for our residents and employees,” said Karen Kossow, VP of Sales and Marketing for Kettler. “Many DC apartment renters don’t own their own bikes and this program will allow them to enjoy all of the fabulous trails that the DC area has to offer.” Known for providing exceptional amenities in pedestrian-friendly communities, Kettler is the first land developer in the DC Metro area to offer bike share access to all of its residents and employees.
Revolution Cycles, Inc. was established in 1997 by Mike Hamannwright, President and CEO, and Santiago “Pinkey” Gonzalez, Vice President and lead mechanic. After several years of success in Georgetown, Revolution Cycles opened its flagship store in Clarendon, VA in 2002, and locations in Rockville, MD and in Stafford, VA in 2004. Focusing on excellent customer service, Revolution Cycles was named DC’s 2010 Best Bike Shop by the Washington Post Express and a 2008 Consumer's Choice Bicycle Shop by the League of American Bicyclists. Revolution Cycles has also been listed as a Top 100 Bicycle Retailer in the US in 2010, 2008, 2007 2006, and 2005. To learn more, please visit revolutioncycles.com.
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 five million square feet of commercial space and over 50,000 homes. Kettler’s apartment portfolio includes high-end, market rate, affordable and fee-managed assets. In 2008, Kettler Management was awarded the prestigious "Pillars of the Industry" award in the property management category by the National Association of Homebuilders. Currently, the company is developing transit-oriented mixed-use projects and managing a growing portfolio of third-party assets. For more information, visit www.kettler.com.
]]>SANTA ANA, Calif.
Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it has established a strategic alliance with Kettler Inc., one of the Mid-Atlantic’s largest real estate and property management firms, to provide residential property management services nationwide.
“We are excited to expand our best-in-class property management services to include the multifamily residential space,” said Jack Van Berkel, executive vice president and chief operating officer of Grubb & Ellis and president, Real Estate Services. “Many of our clients have told us that they are looking for a service provider that can provide solutions across all asset types and throughout the lifecycle of their ownership. Kettler’s residential property management capabilities combined with Grubb & Ellis’ comprehensive real estate services platform will enable us to lease, manage and dispose of all asset classes on behalf of our clients.”
Van Berkel added that the alliance will play a significant role in the company’s growing Financial Services Asset Management practice, which provides full service integrated solutions, including leasing, receivership, management and disposition to financial institutions and special servicers with distressed assets.
“We are thrilled that this relationship with Grubb & Ellis will allow for Kettler to enter new markets and to provide residential management services on a national level,” said Cindy Clare, president of Kettler Management Inc. “We are confident that it will prove to be beneficial to both firms.”
The alliance, which will operate as Grubb & Ellis|Kettler Residential Management, will benefit clients by allowing the firms to work together seamlessly when a property owner requires both residential and commercial property management services. In these situations, Grubb & Ellis will coordinate marketing efforts, streamline suppliers and interconnect technology systems, and in markets where Kettler currently does not have a presence, the alliance will provide Kettler an opportunity to expand its residential management portfolio.
At June 30, 2010, Grubb & Ellis and its affiliates managed approximately 300 million square feet of commercial property. Kettler is among the largest private real estate and property management companies based in Washington, D.C. The company currently manages more than 16,000 apartments in 70 communities throughout the Mid-Atlantic and Northeast.
About Kettler
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 five million square feet of commercial space and over 50,000 homes. Kettler’s apartment portfolio includes high-end, market rate, affordable and fee-managed assets. In 2008, Kettler Management was awarded the prestigious "Pillars of the Industry" award in the property management category by the National Association of Homebuilders. Currently, the company is developing transit-oriented mixed-use projects and managing a growing portfolio of third-party assets. For more information, visit www.kettler.com.
About Grubb & Ellis Company
Grubb & Ellis Company (NYSE: GBE) is one of the largest and most respected commercial real estate services and investment companies in the world. Our 6,000 professionals in more than 100 company-owned and affiliate offices draw from a unique platform of real estate services, practice groups and investment products to deliver comprehensive, integrated solutions to real estate owners, tenants and investors. The firm’s transaction, management, consulting and investment services are supported by highly regarded proprietary market research and extensive local expertise. Through its investment subsidiaries, the company is a leading sponsor of real estate investment programs that provide individuals and institutions the opportunity to invest in a broad range of real estate investment vehicles, including public non-traded real estate investment trusts (REITs), mutual funds and other real estate investment funds. For more information, visit www.grubb-ellis.com.
Forward-Looking Statements
Certain statements included in this press release may constitute forward-looking statements regarding, among other things, the expected closing of the sale of the notes and the expected use of proceeds. These statements involve known and unknown risks, uncertainties and other factors that may cause the company’s actual results and events in future periods to be materially different from those anticipated, including risks and uncertainties related to the financial markets. Such factors which could adversely affect the company’s ability to obtain these results include, among other things: (i) a continued or further slowdown in the volume and the decline in transaction values of sales and leasing transactions; (ii) the general economic downturn and recessionary pressures on businesses in general; (iii) a prolonged and pronounced recession in real estate markets and values; (iv) the unavailability of credit to finance real estate transactions in general and the company’s tenant-in-common programs, in particular; (v) the success of current and new investment programs; (vi) the success of new initiatives and investments; (vii) the inability to attain expected levels of revenue, performance, brand equity in general, and in the current macroeconomic and credit environment, in particular; and (viii) other factors described in the company’s annual report on Form 10-K/A for the fiscal year ending December 31, 2009, Form 10-Q for the three-month periods ending March 31, 2010 and June 30, 2010 and in other current reports on Form 8-K filed with the Securities and Exchange Commission. The company does not undertake any obligation to update forward-looking statements.
McLean, VA
Kettler Inc, one of the largest privately held real estate companies based in the Washington, DC Metro area, today announced that it has closed on the acquisition of The Fields of Alexandria and The Fields of Old Town for the sum of $35,400,000 ($87,600 per unit). The two multifamily properties were previously owned by a joint venture that included Kettler and SunAmerica.
“This acquisition, allows for Kettler to take strategic control of both assets; a role formerly in the domain of SunAmerica,” shares Bob Kettler, Chairman and founder of Kettler Inc, “it enables us to commit to long term ownership and operation.”
Kettler originally acquired and redeveloped both properties in 1997/1998 with the use of Low Income Housing Tax Credits (LIHTC). Since that time, the two properties have been operated as affordable housing communities which will continue.
Immediate and ambitious renovation projects at both properties have already begun. Capital improvement efforts include: roof replacement, parking lot resurfacing, upgrades to kitchen appliances, installation of new HVAC units and more.
Most of the funds for the acquisition and capital improvements were financed using tax-exempt bonds issued by the Virginia Housing Development Authority (VHDA).
]]>