Rockville, MD, December 21, 2017 – The Donaldson Group (“TDG”) of Rockville, MD, and New York-based Angelo, Gordon & Co. (“Angelo, Gordon”), the $28 billion alternative investment firm focused on credit and real estate investing, today announced they have acquired Cityside at Huntington Metro (“Cityside”), a 569-unit apartment community in Alexandria, VA, for approximately $111 million in cash.
Cityside is conveniently located right outside of Old Town Alexandria, within walking distance to the Huntington Metro Station, just off I-495 (the Beltway), offering residents accessibility to a large variety of nearby dining and entertainment options.
Cityside is comprised of four high-rise buildings built in 1968 and 1974. The apartments include a mix of spacious and well-appointed studios, one-, two-, and three-bedroom units. Amenities include a rooftop fitness center, rooftop lounge, outdoor pool and sundeck, recently renovated outdoor patio and grilling areas, playgrounds, and a dog park. TDG and Angelo, Gordon’s renovation plans include a reconfiguration and modernization of the leasing center and lobby, enhanced signage, new windows, common area and entryway improvements, exterior façade renovations and balcony railing replacements, enhanced landscaping, upgrades to mechanical systems, and interior unit renovations (including new cabinets, stainless steel appliances, luxury counter-tops, upgraded flooring, and new bathrooms), among other enhancements.
“We are very excited about Cityside and to add this Northern Virginia property to our portfolio. It is a well-built asset in an outstanding location with terrific upside,” said TDG President, Carlton Einsel. “There was significant interest in the property and with our long-time partner, Angelo, Gordon, we were able to make an all-cash offer in conjunction with an accelerated due diligence and settlement period, thereby meeting the seller’s aggressive closing timeframe.”
“Cityside has substantial growth opportunities. We have developed an intelligent, well-designed and cost-effective renovation, coupled with an engaged management team, dedicated to building relationships with our residents and providing them with superior customer service,” said TDG Senior Vice President, John Majeski. “We truly believe in this growing market and plan to take advantage of the tremendous opportunities”.
“Cityside highlights Angelo, Gordon’s continued commitment to investing in and developing high-quality apartment complexes across the U.S.,” said Christina Lyndon, Managing Director, Angelo, Gordon. “We are pleased to be continuing our strong partnership with best-in-class operator TDG.”
The seller, an affiliate of The Carlyle Group, was represented by Bill Roohan, Bob Dean, Jonathan Greenberg, Tom Leachman, and Yalda Ghamarian of CBRE Capital Markets. TDG and Angelo, Gordon are working with David Webb and Maxi Thiels Leachman of CBRE Debt & Structured Finance Group to obtain financing that it expects to put in place shortly after closing on the acquisition.