Carlyle Group Affiliate Sells Alexandria Apartments For $111M
A 569-unit apartment community near the Huntington Metro station in Alexandria has just traded for $111M in cash.
Rockville-based investment firm The Donaldson Group, in partnership with New York-based Angelo, Gordon & Co., acquired the Cityside at Huntington Metro apartments from an affiliate of The Carlyle Group.
CBRE's Bill Roohan, Bob Dean, Jonathan Greenburg, Tom Leachman and Yalda Ghamarian represented the seller, while CBRE's Maxi Thiels Leachman and David Webb worked with the buyers.
The apartment community consists of four high-rise buildings constructed in 1968 and 1974. It includes units from studios to three bedrooms and amenities such as a rooftop fitness center and lounge, outdoor pool and sundeck, outdoor patio and grilling areas, playgrounds and a dog park.
Following the acquisition, the new owners plan to renovate the lobby, leasing center, common areas, windows, exterior facades and landscaping. They also plan to upgrade units with new cabinets, countertops, appliances, flooring and bathrooms.
The property sits on Richmond Highway in Alexandria, just outside The Beltway and less than a mile from the Huntington Metro station. Nearby food options include Five Guys, Papa John's Pizza and El Paso RT1 Mexican restaurant.
“It is a well-built asset in an outstanding location with terrific upside," TDG President Carlton Einsel said in a release. "There was significant interest in the property and with our longtime partner, Angelo, Gordon, we were able to make an all-cash offer in conjunction with an accelerated due diligence and settlement period, thereby meeting the seller’s aggressive closing time frame.”
