WOODBRIDGE, VA-Misty Ridge, a 409-unit, 328,001-square-foot apartment community here has traded for $45 million. Benchmark Group in New York sold the class B community to Ohio-based Klingbeil Capital Management. CB Richard Ellis’ Andy Boyer, Bill Roohan, Mike Muldowney, Jonathan Greenberg, Michael Rudolph, John Sheridan, Brian Margerum and Bret Kampf brokered the transaction.

Located close to Ft. Belvoir, the new owner is expecting to capitalize on the demand for housing that the Base Realignment and Closure will create, according to CBRE’s Boyer, who notes there are 22,000 jobs coming to the market next year because of it.

BRAC is creating new investment patterns in the larger area. To cite a few examples, WRIT purchased two buildings at Quantico, VA for $68 million. The REIT has entered into a new strategy of recycling capital into more modern assets inside the Beltway, near major transportation nodes--or areas affected by BRAC. Corporate Office Properties Trust is embarking on a development project that could eventually yield 800,000 square feet to 980,000 square feet of office space in the Springfield, VA submarket. Construction of the first building--slated to be 240,000 square feet--called Patriot Ridge, will be in Q4 of this year.