print header

# 1 Commercial Real Estate Information Company

  • Find Properties 
  • Market Properties 
  • Analyze Properties 
Products
Commercial Real Estate News

Suburban DC Apt. Complex Sells for $110 Million

Cityside at Huntington Metro in Alexandria Value-Add Play for Angelo, Gordon & Co./Donaldson Venture
December 21, 2017
An Angelo, Gordon partnership has completed a deal to acquire a sprawling suburban Washington, D.C. apartment complex.

Angelo, Gordon & Co., the New York-based real estate behemoth, and The Donaldson Group (TDG), a Rockville, MD owner-operator, paid $111 million, or about $195,000 per unit, for the 569-apartment Cityside at Huntington Metro in Alexandria, VA.

The partnership plans to renovate both the unit interiors and the common areas of the four-building, 10-story complex, as a way to boost returns. Bill Roohan, Bob Dean, Jonathan Greenberg, Tom Leachman and Yalda Ghamarian of CBRE Capital Markets brokered the deal for the seller, The Carlyle, Group, of New York.

The complex, at 6034 Richmond Hwy., is just outside Alexandria’s tony Old Town neighborhood. It was built in phases between 1968 and 1974 and is now about 95% occupied. The apartments are a mix of one- to three-bedroom floorplans. The property has a rooftop fitness center, a dog park and an outdoor pool.

The new owners are looking to replace the outdated appliances and flooring in the units with stainless steel stoves and refrigerators, and to upgrade the lobby and other common areas.

The value-added play at the property reflects the current trend in the market - investors are seeking out older, Class B properties that have the potential to be upgraded, and to compete with newer luxury assets in the area, while still offering lower rents. The property last underwent an upgrade in 2012 following Carlyle's purchase of the complex in mid-2011 for $93 million, or about $163,000 per unit.

Working with David Webb and Maxi Thiels Leachman of CBRE's debt and structured finance group to, Angelo, Gordon and TDG expect to close on additional financial shortly.

For more information on Angelo, Gordon & Co./TDG's acquisition of Cityside at Huntington Metro, please see CoStar Comp #4087023.

John Doherty, Multifamily Reporter  CoStar Group   
GET IN TOUCH        Contact CoStar News Team:   News@CoStar.com

 Find us on 

Welcome To CoStar's
Industry-Focused,
Award-Winning News

Winner of three Journalism Awards from the National Association of Real Estate Editors (NAREE)

Award-Winning News