Columbus-based Klingbeil Buys 360-Unit Alexandria Apartments For $91.5M
Klingbeil Capital Management has struck a $91.5M deal to buy an Alexandria apartment community.
The Columbus, Ohio-based firm acquired the 360-unit Ridgeleigh apartments at 5901 Coverdale Way from Waterton, a Chicago-based investment group. CBRE's Bill Roohan, Robert Dean, Mike Muldowney, Jonathan Greenberg, Yalda Ghamarian, Tom Leachman and Mike Kidd brokered the transaction on behalf of Waterton.
The property sits just off I-495 and about a mile from the Van Dorn Metro station. The community's amenities include an 800 SF fitness center, two outdoor pools, a picnic area, cybercafé, a dog park, a luxury clubhouse and a conference room. CBRE marketed the property as a potential value-add opportunity.
“With a strategic approach, Ridgeleigh at Van Dorn Metro could better compete within its comparable set and take advantage of substantial rent spreads that have recently widened,” CBRE senior vice president Jonathan Greenberg said in a statement. “A focused and consistent renovation approach to apartment homes and common amenities will maximize premium pricing and close the rent gap with direct competition.”
Klingbeil owns or manages several other apartment communities — two in Alexandria, one in Loudoun, two in Laurel and one in Gaithersburg.
