Jones Lang LaSalle Closes Sale of The Point at River Ridge for $89.5M in Suburban Washington, D.C.
Prime 467-unit multifamily property purchased by Klingbeil Capital Management
Jones Lang LaSalle’s Capital Markets experts todayannounced the firm has closed the sale of The Point at River Ridge in Ashburn, VA, for $89.5 million on behalf of a venture between Pantzer Properties and Dune Real Estate Partners. Klingbeil Capital Management purchased the 467-unit garden apartment community that is located in the nation’swealthiest jurisdiction, Loudoun County. Managing Directors Al Cissel and Scott Melnick, Senior Vice President Christine Espenshade and Vice President Erin Miller led JLL’s team on the transaction. “The property is located near the densely concentrated employment of the Dulles Technology Corridor,” said Melnick, “and will benefit tremendously from the opening of the new Dulles Metrorail Silver Line, which has already spurred a wealth of job growth and mixed-use development throughout the area.”
Constructed in 1991, The Point at River Ridge consists of 19 garden-style apartment buildings spread across a 25-acre community situated at the intersection of Virginia Route 7 and the Loudoun County Parkway. The property’s excellent location offers immediate access to the vast employment of the Dulles Technology Corridor and Tysons Corner while providing the highest level of suburban living. Community amenities include a 24-hour fitness center, resort-style swimming pool, tennis courts, onsite daycare center, cyber cafe and a beautiful park-like setting.