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Principal, Kettler acquire DC-area apartments

Principal Real Estate Investors, the property investment arm of Principal Financial Group, has acquired the Riverside Station apartment complex in a joint venture with Virginia-based developer Kettler.

Real estate investment firm Principal Real Estate Investors has partnered with real estate developer Kettler to acquire the Riverside Station Apartments in Woodbridge, Virginia. The firms have also purchased 11 acres next to the complex for future development.

“This is a place where residents can truly have everything,” Jim Halliwell, director of acquisitions and dispositions at Principal, said in a statement. “Scenic views and the sophistication of Washington DC 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.”

Nine different floor plans are available in the complex, which offers views of the Potomac River and is located near the Rippon commuter rail station. Features include a resort-style outdoor pool, gym, media room, clubhouse and business center.

Kettler, based in Northern Virginia, develops mixed-use residential and commercial properties across the Washington metro area. It has developed more than five million square feet of retail and office space and more than 50,000 homes. The firm also owns and manages over 8,000 apartment units and has about 6,000 units in development.

Principal Global Investors, the asset management arm of the Principal Financial Group, currently has $40 billion (€29 billion) in real estate assets under management.