SUITLAND, MD-Rockville-based The Donaldson Group LLC has purchased Pinewood Chase, a garden apartment community consisting of 492 units in Suitland, along with New York-based Angelo, Gordon & Co. for $27.4 million. A planned $12-million renovation is also tacked on to the complex's acquisition price.
New York Community Bank provided financing for the acquisition. The complex was sold by The Lightstone Group of Lakewood, New Jersey. The new owners have plans to improve the property. Transwestern represented the seller in the deal.For the full story, go to Washington Business Journal.
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