Circle Towers

Property Constructed 1973
Date Purchased May 2006
Purchase Price Per Unit $161,386
Renovation Cost Per Unit $19,500
Date Sold March 2008
Sale Price Per Unit $228,347
Internal Rate of Return 29.33%
Average Annual NOI Increase 12.03%

Circle Towers is a 16-acre mixed-use complex that includes 554 high-rise apartment units, 52 townhouse apartments, 40,000 square foot office building, and 17,000 square feet of retail space.

The Donaldson Group began a $12mm renovation program to the property, including interior apartment renovations, construction of a new leasing office and management office, extensive re-modeling and renovation of the community center, business center and fitness center, upgrading of common areas including the lobby and all hallways and elevator landings, roof replacements, and structural work.

The improvements to Circle Towers significantly improved the property’s desirability in the competitive Fairfax market through new and upgraded amenities and apartment renovations, thus positioning the property for a successful disposition.