Plaza Towers
HYATTSVILLE, MD—Plaza Towers, a 288-unit high-rise apartment building here has traded in an off-market transaction for $42.6 million. The buyers are the Rockville, MD-based The Donaldson Group and New York firms Declaration Capital and Angelo, Gordon. The partnership plans to invest additional capital for property improvements.
The partners made an all-cash offer as well as an accelerated settlement period to meet the seller's closing time frame, according to Carlton Einsel, CEO of The Donaldson Group.
Located on approximately 6.6 acres at 6700 Belcrest Road, Plaza Towers is located within walking distance of both the Prince George's Plaza Metro Station and The Mall at Prince George's. It is also close to two new mixed-use developments: the $2 billion, 150-acre research-focused Discovery District, and Riverdale Park Station, a 1.4 million square foot town center anchored by Whole Foods.
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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.
