Silver Spring Apartment Complex Trades For $87M
The partnership plans to invest additional capital in the 592-unit garden style apartment community.
ROCKVILLE, MD—Locally-based The Donaldson Group, Declaration Capital of New York City, and a fund managed by DRA Advisors have acquired Montgomery White Oak Apartments for $86.75 million. The partnership plans to invest additional capital in the 592-unit garden style apartment community, which is located in Silver Spring. Specifically, it plans to replace the original outdated central heating and cooling plant with individual high-efficiency heat pumps in each apartment.
Maxi Thiels Leachman and David Webb of CBRE Capital Markets assisted the partnership in securing acquisition financing from Freddie Mac under the Green Advantage program. The seller, Joncon Venture, LLP, was represented by Bill Roohan, Mike Muldowney, Brian Margerum and Martha Hastings of CBRE’s Baltimore-based investment sales group.
Situated on 28 acres, Montgomery White Oak is adjacent to the White Oak Federal Research Campus, which is home to the FDA Headquarters and the US Army Research Lab. It is also less than one mile from the planned Viva White Oak, a $3 billion, 12 million square foot mixed-use Life Science Village.