Like many residential projects in the Washington DC community, the Ridgeleigh at Van Dorn Metro was snapped up as a condo conversion play in 2005. One housing and market crash later, the property went into foreclosure in 2007 with only 45 units sold. The lender acquired it for $60 million and months later turned around to sell it for $70.5 million.

CBRE says the property is now well positioned to take another step forward under new ownership.

“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,” Greenberg said in a prepared statement.

“A consistent renovation approach to apartment homes and common amenities will maximize premium pricing and close the rent gap with direct competition.”

ALEXANDRIA, VA–The Ridgeleigh at Van Dorn Metro, a 360-unit community located at 5901 Coverdale Way, has traded for $91.5 million to Columbus, Ohio-based Klingbeil Capital Management. The seller was a joint venture between Waterton Associates, a Chicago-based investment firm that owns and manages multifamily properties, and the California State Teachers' Retirement System, or CalSTRS.

The CBRE's Bill Roohan, Robert Dean, Mike Muldowney, Jonathan Greenberg, Yalda Ghamarian, Tom Leachman and Mike Kidd represented the seller.

The Ridgeleigh at Van Dorn Metro is primed to take advantage of the substantial job creation underway at the nearby Department of Defense's Mark Center Campus, Fort Belvoir, and the MGM Casino at National Harbor.

It is a classic turnaround story for the building, which ten years ago had gone into foreclosure.

Like many residential projects in the Washington DC community, the Ridgeleigh at Van Dorn Metro was snapped up as a condo conversion play in 2005. One housing and market crash later, the property went into foreclosure in 2007 with only 45 units sold. The lender acquired it for $60 million and months later turned around to sell it for $70.5 million.

CBRE says the property is now well positioned to take another step forward under new ownership.

“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,” Greenberg said in a prepared statement.

“A consistent renovation approach to apartment homes and common amenities will maximize premium pricing and close the rent gap with direct competition.”