KLNB Multifamily Capital Markets Group secures $56.75M sale of multifamily community

Rawles Wilcox and Jared Emery coordinate transaction

KLNB©

Charlottesville, VA — KLNB has arranged the sale of Barracks West Apartments & Townhomes for $56.75 million on behalf of Willow Creek Partners. The 324-unit apartment community, located in Charlottesville, VA, was purchased by Northern Virginia-based West End Capital Group, which plans to reposition the property through extensive improvements to the common area amenities and living spaces. The transaction was coordinated and led by KLNB’s Rawles Wilcox and Jared Emery.

Barracks West features a mix of one-, two-, and three-bedroom traditional and townhome-style residences spanning 459 to 1,176 s/f. The property’s prime location places it within one mile of the University of Virginia, three miles from Charlottesville’s downtown district, and eight miles from Charlottesville Albemarle Airport. “Barracks West represents a case study in the value-add potential of well-located, townhome-style multifamily communities,” said Rawles Wilcox, principal of KLNB’s Multifamily Capital Markets platform. “West End is well-positioned to build on the existing foundation and further enhance the community to drive long-term value.”

Jared Emery, senior vice president, added that the strength of the Charlottesville market contributed to the property’s successful disposition. “Interest in Charlottesville multifamily assets is at an all-time high. This opportunity attracted offers from groups across the investor spectrum, ranging from family offices and regional firms to large institutions. This area of Virginia is highly sought after due to its high barriers to entry and strong demographic profile.”

KLNB has negotiated the $7.85 million sale of a 54,085 s/f medical office building (MOB) located at 8500 Executive Park Ave. in Fairfax, VA. Principal Joe Friedman and associate Josh Norwitz of the KLNB Capital Markets team represented the seller and procured the buyer.

The property is a multi-tenant building, with currently 40% of the space occupied by medical tenants, including sports rehab, post-op rehab, dentistry, and behavioral health. The purchaser intends to increase the medical occupancy in the building over time by leveraging its strategical location just minutes from major healthcare facilities like Children’s National and Inova Fairfax, the building is within a medical office cluster that includes institutional owners such as Harrison Street and Global Medical REIT. Its proximity to the INOVA campus and the MOSAIC shopping district further enhances its appeal.