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Kettler in the News
July 26, 2016
KETTLER Continues its Expansion in the Southeast
Kettler, one of greater Washington, D.C.’s leading real estate development and property management companies, announced today it has purchased 384 garden apartment units in the Research Triangle and Triad Region of North Carolina in a joint venture with The Stillman Group.
“This acquisition represents our continued focus to grow strategically in new markets specifically in the mid-Atlantic and Southeast,” said Robert C. Kettler, Chairman and CEO of Kettler. “As real estate investors, we strive to find key assets in areas that are thriving and show signs of continued growth and success.”
The acquisition is made up of two apartment communities, Bridges at Chapel Hill with 144 units located in the Town of Carrboro and Waterford Place with 240 units located in North Greensboro. Bridges at Chapel Hill is just minutes from the city center, and is in close proximity to major employers as well as world-class universities. Located directly on Lake Jeanette in Greensboro, Waterford Place apartments is also conveniently located to a number of large employment centers such as UPS, Honda Aircraft and FedEx.
Kettler plans to enhance operations at both communities through interior and exterior unit and amenity area upgrades. Previously managed by Fairfield, both properties will now be managed by Kettler Management.
“We’ve capitalized on a great investment opportunity in the attractive submarkets of Chapel Hill and Greensboro,” said Asheel Shah, President of Multifamily Development at Kettler. “These areas have and will continue to attract a resident base that is looking for quality housing options with access to a great education system, employment and entertainment options.”
Abbott Stillman added, "I am delighted by the opportunity to extend our strategic partnership with Kettler and successfully pursue properties in what we view as really attractive locations and in the value add asset class.”
In the past 10 months, Kettler began expanding into high-growth areas of the southeast seizing opportunities to add value-add opportunities to its portfolio. In addition to the acquisitions in the Triad Region and the Research Triangle, Kettler has added nearly 700 apartment units in South Carolina to its expanding multifamily portfolio.
Kettler and Kettler Management are owners, operators, and developers of apartments, condominiums, and mixed-use projects in the Washington, D.C. metropolitan area and throughout the mid-Atlantic region. Headquartered in Tysons, VA, the company has developed over 20,000 multifamily units, 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 successfully manages 30,000+ apartments for Kettler and 3rd party clients from Connecticut to South Carolina and Texas and offers a full range of services to corporate and institutional real estate owners. For more information, visit www.kettler.com.
About The Stillman Group
The Stillman Group is a Scarsdale, N.Y-based real estate and venture investment company that was founded in 1924. The company has expertise in property development, construction, land development, leasing and sales, asset and property management, acquisition and divestment. The company is in its third generation of family leadership under Chairman Abbott Stillman.