ALEXANDRIA, VA–The Donaldson Group of Rockville, MD, and New York-based Angelo, Gordon & Co. have acquired Cityside at Huntington Metro, a 569-unit apartment community in Alexandria, VA, for approximately $111 million in cash. The seller was an affiliate of The Carlyle Group.
Carlyle had an aggressive closing time frame; the all-cash offer along with accelerated due diligence and settlement period helped close the deal especially as there was significant interest in the property, according to TDG President Carlton Einsel. The buyers are currently working to place debt on the property.
Cityside is located outside of Old Town Alexandria, within walking distance to the Huntington Metro Station. The complex consists of four high-rise buildings that were built in 1968 and 1974. The buyers are planning to renovate the property with a modernized lobby and upgraded interior units among other changes. “Cityside has substantial growth opportunities,” said TDG Senior Vice President John Majeski in a prepared statement.
The seller was represented by Bill Roohan, Bob Dean, Jonathan Greenberg, Tom Leachman, and Yalda Ghamarian of CBRE Capital Markets. The buyers are working with David Webb and Maxi Thiels Leachman of CBRE Debt & Structured Finance Group on the financing.
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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.
