WOODBRIDGE, VA-Misty Ridge, a 409-unit, 328,001-square-footapartment community here has traded for $45 million. BenchmarkGroup in New York sold the class B community to Ohio-basedKlingbeil Capital Management. CB Richard Ellis’ Andy Boyer, BillRoohan, Mike Muldowney, Jonathan Greenberg, Michael Rudolph, JohnSheridan, Brian Margerum and Bret Kampf brokered thetransaction.

Located close to Ft. Belvoir, the new owner is expecting tocapitalize on the demand for housing that the Base Realignment andClosure will create, according to CBRE’s Boyer, who notes there are22,000 jobs coming to the market next year because of it.

BRAC is creating new investment patterns in the larger area. Tocite a few examples, WRIT purchased two buildings at Quantico, VAfor $68 million. The REIT has entered into a newstrategy of recycling capital into more modern assetsinside the Beltway, near major transportation nodes--or areasaffected by BRAC. Corporate Office Properties Trust is embarking ona development project that could eventually yield 800,000 squarefeet to 980,000 square feet of office space in the Springfield, VAsubmarket. Construction of the firstbuilding--slated to be 240,000 square feet--calledPatriot Ridge, will be in Q4 of this year.