(To read more on the multifamily market, click here.)
LAUREL, MD-The Donaldson Group Capital Partners has acquired a multifamily property here from a California-based investor group for $45 million.
Larchdale Woods Apartments is a 526-unit garden apartment community, built in 1966 on 39.77 acres. The complex consists of 41 three- and four-story buildings with total net rentable area of 425,016 sf.
The Donaldson Group is planning about $8 million worth of renovations to upgrade the quality of the property, Andrew Weiss, managing director of Meridian Capital Group in Bethesda, tells GlobeSt.com. "It is a well-located building and the Donaldson Group will be able to upgrade the existing income with the renovations," he adds.
Meridian Capital arranged the institutional joint venture equity and the first mortgage acquisition financing for the company, which totaled $55.9 million. This financing includes closing costs for the transaction as well as the expected costs of the renovation, Weiss says.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
