Month Of Deals. Here Are The 25 Biggest.
As published in GlobeSt.com
WOODBRIDGE, VA—Rolling Brook Village, a 732-unit apartment building in Woodbridge, VA is Ralph Dweck’s latest acquisition in the area. The property traded for $138.5 million or $189,208 per unit, according to public records. The cap rate, a source says, was 5.2% based on 2014’s numbers. GlobeSt.com has also learned the deal was part of a 1031 exchange.
The sellers were The Donaldson Group of Rockville, MD and its equity partner, New York-based Angelo, Gordon & Co. They acquired the property in 2013 for $107.5 million, with plans to invest $5 million in upgrades and renovations. Today it is close to 94% occupied.Continue Reading »
As published in JayRickey.com
Wells Fargo has filed a prospectus related to the collateral and structure of its Wells Fargo Commercial Mortgage Trust 2015-P2 transaction, which includes information on the $88 million mortgage loan for Rolling Brook Village, the garden-style multifamily property in Woodbridge, VA.
Originated on November 17, 2015 by Ladder Capital Finance I LLC, the Rolling Brook Village Mortgage Loan had an original principal balance of $88 million and accrues interest at a rate of 5.247% per annum. The Rolling Brook Village Mortgage Loan has an initial term of 60 months and requires interest-only payments through its term. The Rolling Brook Village Mortgage Loan matures on December 6, 2020.Continue Reading »
Transwestern Represents Sellers Angelo, Gordon & Co. and The Donaldson Group
Transwestern’s Bethesda, Maryland-based Mid-Atlantic Multifamily Group, led by Co-Directors Dean Sigmon and Robin Williams, today announces it brokered the disposition of Andrews Ridge apartments in Suitland, Maryland, for $59.5 million, or $120,935 per unit, to a confidential buyer. Transwestern represented the seller, a joint venture between Angelo, Gordon & Co. and The Donaldson Group LLC, in the transaction.
“Andrews Ridge is an excellent investment,” said Williams. “This property has been extremely well-maintained, and with the recent capital improvements and utility conversion, the new ownership will benefit from the reduced utility costs and substantially increased rental revenue.”
Andrews Ridge has undergone nearly $15 million in capital improvements. Exterior and common area renovations include the addition of a new standalone leasing center and clubhouse with fitness and business centers, as well as updated roofs, facades, patio enclosures, laundry rooms, playgrounds and landscaping. Additionally, the property recently completed a conversion of the utility infrastructure in which the aging central plant was replaced with high-efficiency, individually metered electric heat pumps. Interior unit renovations include new kitchen cabinets, appliances, fixtures, bathroom vanities and flooring. With these renovations, the property has demonstrated the ability to capture monthly rental premiums of $150 to $210 per unit.
Andrews Ridge is a garden-style apartment complex consisting of 492 units. Located in the Joint Base Andrews region of Prince George’s County, the property offers easy access to major employment centers with close proximity to the Capital Beltway, Suitland Parkway, Pennsylvania Avenue (Maryland Route 4) as well as nearby Largo, National Harbor and downtown Washington, D.C.
ABOUT ANGELO, GORDON & CO.
Angelo, Gordon & Co. is a privately-held registered investment advisor dedicated to alternative investing. The firm was founded in 1988 and currently manages approximately $27 billion. We seek to generate absolute returns with low volatility by exploiting inefficiencies in selected markets and capitalizing on situations that are not in the mainstream of investment opportunities. We creatively seek out new opportunities that allow us to remain a leader in alternative investments. We have expertise in a broad range of absolute return strategies for both institutional and high net worth investors. Our dedicated team of employees has enabled us to deliver consistent, positive returns over 27 years in all market environments. We have built our name on our breadth of talent, intensive research, and risk-averse approach to investing. Our long-term experience gives us the insight and patience to turn our vision into profitable, stable businesses. Angelo, Gordon is headquartered in New York with offices worldwide in Europe and Asia.
ABOUT THE DONALDSON GROUP LLC
The Donaldson Group (TDG) provides its broad and diverse client-base with comprehensive services & expertise in: Property Management, Asset Management, Accounting and Financial Management, Investment, Underwriting, and Acquisition Analysis, and Rehabilitation and Construction Management Services. Since 2003, TDG has advised its clients on the acquisition of over $1.5 billion in real estate investment transactions, has executed over $300 million in construction and renovation work, and has assisted its clients in disposing of over $1 billion of real property investments. During this period, The Donaldson Group has taken over management of over 28,000 units.
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Management, Tenant Advisory, Capital Markets, Research and Sustainability services, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Transwestern has
34 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern. For updates from the Mid-Atlantic region, follow @TranswesternDC.
Posted in Commercial Real Estate
The Property Management Association’s Apartment Community Excellence (PACE) Awards recognizes excellence in multifamily management. Two of The Donaldson Group’s communities took top honors winning in their categories. Arbor Crest won Market Rate MD, Judge’s Choice Rents $1501 to $1600, and Rolling Brook Village won Market Rate VA, Rents Under $1500. http://www.pma-dc.org/pace-awards
Value-add keeps paying off in Prince George’s County’s vibrant apartment market. The Donaldson Group has completed major renovations to Regency Pointe Apartments (599 units) in Forestville, MD, and Andrews Ridge Apartments (492 units) in Suitland, MD. Continue Reading »
Twenty-five million veterans of the U.S. Armed Forces have put their lives on the line to defend our country and protect our freedoms. On October 18, 2014 The Donaldson Group’s employees committed their time to serve Mr. Prather, a very special veteran who has lived as a productive member of his Poolsville community for the last 89 years. Continue Reading »
At Donaldson, the well-being of our residents, team members, clients, and vendor partners is our top priority. We know you depend on us, and we are committed to being here for you. A committee of Donaldson senior leaders is consistently monitoring the impacts of the COVID-19 emergency on the communities we serve. We are implementing temporary policies to adapt to the challenges we all face, and continue to make adjustments as we receive new information or guidance from government entities.
We urge you to join us in following the CDC guidelines for social distancing and hand washing. We’ve increased disinfecting cleaning protocols in our buildings and are encouraging residents to use essential amenities on a rotating basis. We appreciate your patience and understanding as we navigate these turbulent waters together.