ASHBURN, VA—Ohio-based Klingbeil Capital Management has closed on a deal we reported yesterday—that of the 467-unit Point at River Ridge, for $89.5 million. Klingbeil president Jim Callard tells GlobeSt.com that that was the only apartment from the eight-asset portfolio acquired by Pantzer Properties-Dune Capital Management joint venture in 2011 that it purchased. "There is [a Point-branded apartment] in Leesburg but never really considered it," he says.
The 19-building complex traded at $191,649 per unit.
The company likes Loudoun County's fundamentals and would buy additional properties if they became available, Callard says. "We have been looking in that area to round out the portfolio we have in the Washington DC area."
The company also owns Loudoun Heights at 20300 River Ridge Terr., in Ashburn along with three properties in Alexandria, VA: Abbotts Run Apartments, Whitestone at Landmark and Potomac Ridge.
In Maryland it owns Bayshore Landing and West Woods in Annapolis, Sherwood Crossing in Elkridge, The Rothbury Apartments in Gaithersburg, C Street Flats and Emerson at Cherry Lane at Laurel and Southfield Apartments at White Marsh.
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