Tysons, VA. February 11, 2016 – Kettler and The Stillman Group announced today they have purchased Jamison Park in North Charleston, S.C. from Middle Street Partners for $22,500,000.
Jamison Park is located in the rapidly growing submarket of North Charleston which is home to several major employers, including the Joint Force Air Force Base, the Charleston International Airport, and The Boeing Co.
The transaction comes just months after Kettler and Stillman acquired a two asset portfolio in Charleston. “Kettler and The Stillman Group just recently established a presence in Charleston. In fact, this is the third multifamily property the partners have acquired in Charleston within a span of 75 days. This demonstrates the continuing trend of institutional capital identifying Charleston as a stable, rapidly growing market with favorable economic trends and recognized employer expansion into the area,” said Kevin Kempf, CBRE Carolinas.
“This transaction increases our presence in the Carolinas and continues to drive our expansion along the Eastern Seaboard,” said Robert C. Kettler, Chairman and CEO of Kettler.
The acquisition increases the number of apartment units Kettler manages to roughly 33,000.
Kettler and The Stillman Group wish to extend their appreciation to Phil Brosseau and Kevin Kempf of CBRE who brokered the transaction.
About Kettler Inc.
Kettler and Kettler Management are
developers, owners and operators 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
nearly 24,000 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
nearly 33,000 apartments for Kettler and 3rd party clients from New York to the
Carolinas 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.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a
Fortune 500 and S&P 500 company headquartered in Los Angeles, is the
world’s largest commercial real estate services and investment firm (in terms
of 2015 revenue). The Company has more than 70,000 employees (excluding
affiliates), and serves real estate owners, investors and occupiers through
more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic
advice and execution for property sales and leasing; corporate services;
property, facilities and project management; mortgage banking; appraisal and
valuation; development services; investment management; and research and
consulting. Please visit our website at www.cbre.com.
