Regional Real Estate Report: CityVista apartments sold to Atlanta firm

WASHINGTON

The 244-unit apartment portion of the mixed-use CityVista complex in the Mount Vernon Square neighborhood was sold to Atlanta-based Gables Residential, which soon will rename it Gables CityVista, the company said last week.

Gables is purchasing the property at Fifth and K streets NW from Los Angeles-based Lowe Enterprises. The site also comprises 441 condominiums and ground-floor retail, including Safeway, Results Gym, Busboys and Poets, and a Chevy Chase Bank.

"Our D.C. assets have performed quite well, and this acquisition reinforces our commitment to the metro D.C. market," said Jorgen Punda, Gables's regional vice president for investments. The company's Washington area properties include Gables Dupont Circle, the Berkshire and Westbrooke Place in the District; MontgomeryArms in Silver Spring; and Waverly Village in Arlington.

Gables said Adam Randall oversaw the sale, which was financed with Fannie Mae through Deutsche Bank Berkshire Mortgage.

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INTO APARTMENTS DEAL

WOODBRIDGE

An Ohio real estate group has purchased the 409-unit Misty Ridge apartments for $45 million, according to CB Richard Ellis, which arranged the sale.

Klingbeil Capital Management bought the apartments at 1989 Delaware Dr. from Benchmark Group of Amherst, N.Y., said Andy Boyer, executive vice president of CB Richard Ellis. "With 22,000 jobs coming to the market in 2011 as a result of the base realignment and closure, the dynamics at Misty Ridge and the Woodbridge area will only continue to improve," Boyer said.

The transaction was brokered by Boyer, Bill Roohan, Mike Muldowney, Jonathan Greenberg, Michael Rudolph, John Sheridan, Brian Margerum and Bret Kampf.

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