ANNANDALE, VA – Joint-venture partners, the Donaldson Group, Declaration Partners and a fund managed by DRA Advisors, have purchased a 388-unit apartment community in Annandale, VA for an acquisition price of $84 million.
The partners plan to invest additional capital to extensively renovate the garden-style community, Fairmont Garden Apartments.
The property was acquired from Capital Investment Advisors. The seller was represented by Jonathan Greenberg of CBRE's investment sales group.
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The partnership assumed the in-place loan with Fannie Mae, through the assistance of CBRE capital markets' David Webb and Maxi Leachman.
The partners will execute planned capital improvements at the property, such as replacing the original central heating and cooling plant with efficient, individual heat pumps in each unit for added savings in utility consumption and cost.
"Fairmont Gardens is a well-located, well-constructed apartment community in a strong rental market," states John Majeski, SVP of the Donaldson Group. "In addition to the replacement of the utility system, we will make significant upgrades to the building facades, common areas and landscaping to enhance the overall look of the property and resident experience."
The community, positioned on 21 acres of land, is situated in close proximity to I-495 for direct access to the Washington DC metropolitan area. The property is additionally located ten minutes from Tysons Corner.
"We are extremely pleased to have executed another transaction with our partners at DRA Advisors and Declaration Partners, and we will continue to seek similar opportunities," says Carl Einsel, CEO of the Donaldson Group.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
