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Donaldson, Declaration, Angelo & Gordon Grab Maryland MF
Rockville, MD-based The Donaldson Group, New York-based Declaration Capital, and New York-based Angelo, Gordon & Co. acquired Plaza Towers Apartments for roughly $42.6 million, in an off-market transaction. The 288-unit high rise apartment community is located in Hyattsville, MD.
The Donaldson Group’s John Majeski says, “Plaza Towers is a well-built apartment community in a fantastic location. We believe in this growing Hyattsville market, and plan to continue investing in quality rental communities in the Washington, D.C. area.”
Situated on approximately 6.6 acres at 6700 Belcrest Rd., the property is located within walking distance of both the Prince George’s Plaza Metro Station and The Mall at Prince George’s. The partnership plans to invest additional capital for property improvements, including a leasing center, upgraded common areas, exterior building improvements, and new tenant amenities. Work is expected to begin by late spring.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
