The Donaldson Group (TDG) 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. Cityside is conveniently located right outside of Old Town Alexandria, within walking distance of the Huntington Metro Station. The new ownership plans to renovate the common areas and individual apartments.
StoneBridge Investments of Washington, DC has acquired Copper Spring, a 366-unit apartment community in the prestigious West End submarket of Richmond, VA, for $54.2 million. The new ownership plans to undertake strategic upgrades to the clubhouse and other amenities, as well as some of the residences. Copper Spring is StoneBridge’s first acquisition in Richmond, following its recent acquisitions of two apartment communities totaling 500 units in Atlanta’s Perimeter Center submarket.
Urban Investment Partners (UIP) has acquired Walker House, a 212-unit mid-rise apartment building in Gaithersburg, MD, for $31.8 million. CBRE represented the seller, Washington REIT, which has held the property since 1996. Capital One financed the acquisition.
Howard University is partnering with Urban Investment Partners and Neighborhood Development Corporation to redevelop two former dormitories into residential apartments. The partnership will renovate and convert the two structures into 162 modern rental apartments. Located in the LeDroit Park neighborhood of Washington, DC, George Washington Carver Hall (211 Elm Street, NW) and Lucy Diggs Slowe Hall (1919 3rd Street, NW) were built in 1942 to accommodate War Department workers. For more than 60 years, the buildings have served as student dormitories for the University.