ASHBURN, VA-A source says that Ohio-based Klingbeil Capital Management is expanding its already significant multifamily footprint in the Maryland-Virginia area.
The company is reportedly acquiring the 467-unit Point at River Ridge here for approximately $89.5 million, or $191,649 per unit. The 19-building complex is located at 20300 River Ridge Terr. The deal is being brokered by Jones Lang LaSalle and the seller is the Pantzer Properties-Dune Capital Management joint venture.
The JV acquired the apartment complex, along with seven others, in 2011 for $460 million.
At the time the portfolio was 95% occupied and all eight properties were rebranded under Pantzer's Point brand.
GlobeSt.com did not hear back from Pantzer or Klingbeil by press time.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
