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Donaldson Impact Investments Acquires MD Apartments for $63M
Donaldson Impact Investments has partnered with Affordable Homes & Communities (AHC) to acquire Country Place Apartments in Burtonsville, Maryland.
The purchase of the 312-unit property marks the newly formed Donaldson Impact Investments’ first acquisition and the innovative partnership with AHC. The milestone $63 million transaction is the only deal ever executed with the By-Right Payment in Lieu of Taxes (PILOT) program and market rate equity which was provided by New York Life and Declaration Partners, a private investment firm anchored by David M. Rubenstein.
Donaldson Impact Investments and AHC will dedicate 172 homes as dedicated affordable, and AHC will implement and manage community and resident programs. “This acquisition is a strategic long-term investment for our company and aligns perfectly with our mission to acquire and preserve mature, naturally occurring affordable housing,” said Kevin H. Smith, co-founder and managing partner of Donaldson Impact Investments. “Our focus is to lower operating costs, enhance the living experience for residents, and deliver value for our investors.”
