TDG & Angelo, Gordon Acquire Alexandria, VA Apts for $111 Million

12/22/17

The Donaldson Group (TDG) of Rockville, MD, and New York-based Angelo, Gordon & Co. (Angelo, Gordon), the $28 billion alternative investment firm focused on credit and real estate investing, 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. With its close proximity to I-495 and other major transportation corridors, residents can enjoy a large variety of nearby dining and entertainment options.

Cityside is comprised of four high-rise buildings built in 1968 and 1974. The apartments include a mix of spacious and well-appointed studios, one-, two-, and three-bedroom units. Amenities include a rooftop fitness center, rooftop lounge, outdoor pool and sundeck, recently renovated outdoor patio and grilling areas, playgrounds, and a dog park.

The new ownership’s renovation plans include reconfiguration and modernization of the leasing center and lobby, enhanced signage, new windows, common area and entryway improvements, exterior façade renovations and balcony railing replacements, enhanced landscaping, upgrades to mechanical systems, and interior unit renovations. Individual apartment upgrades will include new cabinets, stainless steel appliances, luxury countertops, upgraded flooring, and new bathrooms.

“We are very excited about Cityside and to add this Northern Virginia property to our portfolio,” said TDG President Carlton Einsel. “It is a well-built asset in an outstanding location with terrific upside. There was significant interest in the property and with our long-time 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 timeframe.”

“Cityside has substantial growth opportunities,” added TDG Senior Vice President John Majeski. “We have developed an intelligent, well-designed and cost-effective renovation, coupled with an engaged management team, dedicated to building relationships with our residents and providing them with superior customer service. We truly believe in this growing market and plan to take advantage of its tremendous opportunities.”

“Cityside highlights Angelo, Gordon’s continued commitment to investing in and developing high-quality apartment complexes across the U.S.,” said Christina Lyndon, Managing Director, Angelo, Gordon. “We are pleased to be continuing our strong partnership with best-in-class operator TDG.”

The seller, an affiliate of The Carlyle Group, was represented by Bill Roohan, Bob Dean, Jonathan Greenberg, Tom Leachman, and Yalda Ghamarian of CBRE Capital Markets. TDG and Angelo, Gordon are working with David Webb and Maxi Thiels Leachman of CBRE Debt & Structured Finance Group to obtain financing that it expects to put in place shortly after closing on the acquisition.

About The Donaldson Group

The Donaldson Group is a full-service real estate management and investment firm offering comprehensive services and expertise in property and asset management; financial management and accounting; investment, underwriting, and acquisition analysis; and construction management and renovation services. TDG has advised clients on the acquisition of over 15,000 multifamily units valued in excess of $1.5 billion, has taken over management of over 25,000 units and has managed in excess of $350 million worth of renovations, and has advised clients in successfully disposing of over $1.25 billion in real property investments. For more information, visit www.thedonaldsongroup.com.

About Angelo, Gordon & Co.

Angelo, Gordon & Co., L.P. is a privately held limited partnership founded in November 1988. The firm currently manages approximately $28 billion with a primary focus on credit and real estate strategies. Angelo, Gordon has over 420 employees, including more than 160 investment professionals, and is headquartered in New York, with associated offices elsewhere in the US, Europe and Asia. For more information, visit www.angelogordon.com.

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