Multifamily Specialist Kettler Buys DC Site
- Feb 21, 2014
Washington, D.C.—Kettler, a locally based multifamily developer and property manager, has bought 1711 Florida Ave. NW in Washington, D.C., for an unspecified price. As yet, the company doesn’t have finalized plans for the site, which is in the Adams-Morgan neighborhood.
The seller was 1711 Florida Avenue Property L.L.C., which at one time had plans of its own for the property. Those plans, which didn’t come to fruition, called for the conversion of the existing parking garage on the site into apartments, plus the creation of some first-floor retail.
Adams Morgan is currently a busy submarket in terms of residential development. Among other projects are Perseus Realty’s development of 1827 Adams Mill Rd. and the redevelopment of the former Ontario Theatre into 80 condos by the Peterson Cos. Capital City Real Estate bought 2337 Champlain St. NW, which is entitled for condos, late last year.
According to Tysons Corner, Va.-based Kettler, the company sees the acquisition as an opportunity to develop in “core locations throughout the metropolitan Washington area.” Kettler is an active developer of both for-sale and rental multifamily properties. It has developed and managed the sellout of six condo projects containing 2,500 units, and has developed, acquired or planned more than 15,400 rental units.
In addition to the Florida Ave. site, Kettler has been developing m.flats – Mount Vernon Triangle at 450 K Street NW, which will open this summer, and be the first development by Kettler of a brand of that name. The Mount Vernon Triangle property will offer studios, one- and two-bedroom units, and feature a rooftop deck with swimming pool, resident lounge, two outdoor kitchens.