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An apartment community in west Alexandria has traded hands for $23M.
Columbus, Ohio-based Klingbeil Capital acquired the 122-unit Hermitage Hill apartments at 2246 North Beauregard St. from Zeke Capital.
CBRE's Multifamily Investment Properties Team of Bill Roohan, Robert Dean, Jonathan Greenberg, John McFadden, Yalda Ghamarian and Tom Leachman brokered the deal on behalf of the seller.
The property sits just off Interstate 395 near the Seminary Road interchange. Its amenities include a fitness center, on-site maintenance, laundry facilities and landscaped outdoor spaces. The property is less than a half-mile from Mark Center, where a 2,664-unit apartment portfolio sold last year for $509M, and where two office buildings sold in February for $40M.
“Assets that are primed for revenue-generating renovations continue to be heavily pursued by investors," Dean said in a release. "Located minutes from the nation’s capital, Hermitage Hill presents a perfect opportunity for a value-add strategy that captures additional revenue with interior unit improvements."
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