Maryland Apartments Trade for $53M in Off-Market Deal
Rockville, Md.-based The Donaldson Group and New York City-based Declaration Partners have acquired the 272-unit Vista at White Oak Apartments in Silver Spring, Md., for $53 million, according to The Donaldson Group.
The firms purchased the property in an off-market transaction, according to a statement from Donaldson Group. The seller is a family who wishes to stay anonymous, according to a Donaldson spokeswoman.
“Vista at White Oak is a well-located, well-built apartment community in a very strong location,” John Majeski, a vice president at The Donaldson Group, said in prepared remarks. The garden-style apartment community is located at 11430 Lockwood Drive next to the White Oak Federal Research Campus, home to the US Food and Drug Administration headquarters.
Maxi Leachman and David Webb of CBRE (CBRE) assisted the partnership in obtaining acquisition financing from Freddie Mac. The financing was for about $38 million, per the Donaldson spokeswoman.
The buyers plan to upgrade units, enhance common areas, improve exteriors and modernize the complex’s mechanical system, according to the statement.