| Forest City Enterprises, Inc. announced that its Forest City Military Communities, LLC subsidiary has closed on the previously announced acquisition of 2,985 military family housing units in the U.S. Navy’s Northwest Region, including units in Kitsap County.
The Navy’s Northwest Region encompasses multiple neighborhoods associated with three Naval Installations in the Puget Sound area of the state of Washington. Forest City assumes responsibility for demolition, renovation and new construction of homes, representing approximately $158 million in development costs remaining to completion, as well as property management. The acquisition of the Navy Northwest units and ancillary facilities from American Eagle Communities brings Forest City’s military housing portfolio to more than 11,900 permanent units.
Michael S. Defferding, Forest City’s executive vice president for military housing, said, “We are honored to accept this new role serving the Navy in the Northwest Region. In just three years, military housing has become a significant part of Forest City’s residential portfolio. Our skills in managing large, complex projects and creating a sense of place are proving to be an excellent fit for military housing. We are committed to developing and managing modern housing, and safe, welcoming communities for our nation’s service personnel and their families.” |
