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Woodbridge Apt. Community Sells for $107.5 Million

Donaldson Group JVs With Angelo, Gordon to Acquire 732-Unit Complex in Woodbridge
January 7, 2013
Capri Capital Partners LLC traded Rolling Brook Village, a 732-unit garden apartment complex in Woodbridge, VA, for $107.5 million or $146,900 per unit. The Donaldson Group and its equity partner Angelo, Gordon & Co. were the purchasers. Freddie Mac provided the financing.

Rolling Brook consists of 53 buildings on 55 acres, about 24 miles south of Washington, DC. It is less than 23 minutes from the Marine Corps Base Quantico, Fort Belvoir and Potomac Mills mall. Built in 1988 and 1990, the one- and two-bedroom units range from 644 to 1,038 square feet. The joint venture plans to invest $5 million in upgrades and renovations to the property.

“This is a solid asset in a growing submarket that is positioned to benefit from BRAC (Base Realignment and Closure) and the resulting job growth at Fort Belvoir and Quantico,” said John Majeski, a senior vice president at Donaldson. “There is an opportunity to improve the property and advance operating performance on both the revenue and expense sides.”

Miles Spencer of Eastdil Secured represented Capri Capital Partners, a Chicago-based real estate investment fund. Walker & Dunlop assisted the partnership with financing.

The Donaldson Group of Rockville, MD is a full-service real estate management and investment company. New York-based Angelo, Gordon is an SEC registered investment advisor that makes investments directly and on behalf of various investment funds for which it acts as the investment manager.

See CoStar COMPS #2637368 for more information.
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