Donaldson Duo Buys Value-Add Apartment

FORESTVILLE, MD-Rockville, MD-based the Donaldson Group and private equity firm Angelo, Gordon & Co. have made another value-add multifamily investment in this area. Their latest acquisition is Regency Pointe, a 599-unit apartment complex here, for $20 million. Plans call for an additional $16 million in renovations.

Some 77 of the units are uninhabitable due to a fire and other damage; those will be completely renovated. Other upgrades to the property will include new kitchens, flooring, lighting, carpeting, doors, fixtures and renovated bathrooms in remaining units. New siding will be installed as well as a new fitness center and business center, upgraded laundry rooms and other repairs.