WOODBRIDGE, VA-A locally-based 732-unit garden apartment has traded for $107.5 million. The buyers of the complex, Rolling Brook Village, are The Donaldson Group of Rockville, MD and its equity partner, New York-based Angelo, Gordon & Co. The new owners plan to invest $5 million in upgrades and renovations. Walker & Dunlop secured acquisition financing through Freddie Mac. The seller was represented by Miles Spencer of Eastdil Secured.
This trade is one in a series of acquisitions the two companies have made over the last few years. More than likely it will not be the last. "We are actively looking for new acquisitions," John Majeski, senior vice president, of The Donaldson Group, tells GlobeSt.com. As for Rolling Brook, "we like the market and the asset and the pricing we got," Majeski says. "We are very excited to be purchasing a property in Northern Virginia. It is something we wanted to do for a while."
The complex is positioned to benefit from BRAC (Base Realignment and Closure) and the resulting job growth at Fort Belvoir and Quantico, he also says. "There is an opportunity to improve the property and advance operating performance on both the revenue and expense sides." Rolling Brook Village consists of 53 garden apartment buildings. The buildings were constructed in two phases in 1988 and 1990.
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