KLNB, the Mid-Atlantic region’s largest privately held commercial real estate brokerage, 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, Virginia, 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 square feet. 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.”
For press inquiries about KLNB or this transaction, please contact Roger Mecca, roger@vitaminisgood.com or 410.732.6542.
About KLNB
KLNB is a leading provider of commercial real estate services throughout the Mid-Atlantic region. An independently owned and operated commercial brokerage and real estate services firm, KLNB provides a variety of services including tenant and landlord representation, leasing, consulting, capital markets, property management, research, marketing, branding, and financing services. More than 120 full-time brokerage professionals work across KLNB’s five offices strategically located throughout the Washington, D.C. / Baltimore region. http://www.klnb.com
