Kettler and Principal Real Estate Investors Enter Into Partnership
Purchase Riverside Station Apartments, will own and operate together
August 8, 2007
Kettler, one of greater Washington, D.C.'s largest diversified real estate companies, announced today that it has entered into a partnership with Principal Real Estate Investors, the fourth largest real estate investment firm in the United States, to own, manage and eventually expand the Riverside Station Apartment community in Woodbridge, Va. Principal Real Estate Investors advised on the purchase of the asset and Kettler will provide property management services. This brings Kettler's property management portfolio to 40 rental communities and expands its third party service business.
Principal and Kettler have also jointly purchased 11 acres adjacent to the community for future development.
"Riverside Station is in an excellent transit-oriented location and the potential for growth makes this a good investment for us," said Robert C. Kettler, founder of Kettler. "The 11 acres, situated on the Potomac River, will give us an opportunity to work with Principal to provide a unique offering to the community."
Riverside Station is in a premiere area situated atop a bluff with breathtaking views of the Potomac River. It's a simple walk to the adjacent Rippon VRE station, providing easy access to the vast cultural opportunities of the Nation's capital. Washington, D.C., is a short one half hour away.
"This is a place where residents can truly have everything," said Jim Halliwell, director of acquisitions and dispositions at the Principal Financial Group®. "Scenic views and the sophistication of Washington, D.C., are available to the residents of Riverside Station. Our partnership with Kettler will help it become one of the preeminent places to live in the Washington metropolitan area."
In addition to its prime location, Riverside Station offers its residents numerous amenities, including a resort style outdoor pool, and the varied features of The Riverside Club. Residents can choose from nine different floor plans in these garden style apartments, many of which feature views of the Potomac. In addition to a state-of-the-art fitness center, the club has a media room with a big screen TV, a grand clubroom with a full bar and kitchen, and an executive business center. Kettler will bring its brand partnerships to the residents of Riverside. This will include its Lease to Buy Program, corporate suites and the services of VIPdesk.
Based in Northern Virginia and celebrating their 30th anniversary, Kettler is a leading developer of award-winning, mixed-use residential and commercial properties across the Washington metropolitan area. In 2007, Kettler was named one of the area's largest private companies by the Washington Business Journal and is one of the nation's top 15 multifamily developers as ranked by Builder Magazine. Kettler has developed more than five million square feet of retail and office space and more than 50,000 homes. The company also owns and manages over 8,000 apartment units and has approximately 6,000 units in development. Current projects include urban and transit-oriented developments, multifamily housing, commercial and mixed-use developments, and resort communities.
About Principal Real Estate Investors
Principal Real Estate Investors is the fourth largest institutional real estate manager in the United States based on tax-exempt assets under management and manages or subadvises $40.4 billion in commercial real estate assets. The firm's real estate capabilities include both public and private equity and debt investment alternatives.
About Principal Global Investors
Principal Global Investors is a diversified asset management organization and a member of the Principal Financial Group®, with expertise in equities, fixed income and real estate investments, as well as specialized overlay and advisory services. Principal Global Investors manages $221.4 billion in assets primarily for retirement plans and other institutional clients. About the Principal Financial Group The Principal Financial Group (The Principal ®) is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance, and banking through its diverse family of financial services companies. A member of the Fortune 500, the Principal Financial Group has $282.1 billion in assets under management and serves some 18.1 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.