WASHINGTON, DC - The management of Allegro Apartments, an award-winning apartment community in Columbia Heights, today announced that Federal Capital Partners purchased the property for $77.5 million and has retained Kettler Management as the property management firm. With a continued strong pace in leasing activity - more than half of the 297 units have been rented since its opening in April - the new owner announced it has no immediate plans for making any changes to Allegro.
"Allegro has enjoyed an excellent lease-up pace and we look forward to working with the new ownership and continuing to provide a superior level of management services for Allegro's residents," said Cindy Clare, President of Kettler Management, which currently manages 54 communities and 12,885 apartments. The previous owner was Bethesda-based real estate development firm Metro Properties, Inc.
In addition to its success in attracting residents to the upper 14th Street neighborhood, Allegro has won two industry awards, including "Most Innovative Design" from Delta Associates and an Award of Merit from Mid-Atlantic Construction magazine.
A range of sleek home types is available, including studio, one-bedroom, one-bedroom with den, two-bedroom and two-level penthouse with loft. Allegro offers landscaped courtyards with water features and seating areas as well as a resident lounge with wireless connectivity and fireplace, a fitness club with cardio and circuit training machines and yoga/Pilates room; a media room; and 24-hour front desk and concierge service.
Federal Capital Partners is a Washington, D.C.-based real estate investment company focused on residential and commercial assets located in the Mid-Atlantic region. It manages over $450 million of equity, including FCP Fund I, L.P., a $240 million discretionary equity fund raised in 2008. The firm's partners include Alex Marshall, Tom Carr, Lacy Rice and Esko Korhonen.
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. Currently, Kettler is developing transit-oriented mixed-use projects and managing a growing portfolio of third-party assets.
Source: Kettler Management