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Silver Spring MF Snagged for $87M

Rockville, MD-based The Donaldson Group, New York-based Declaration Capital and a fund managed by DRA Advisors acquired Montgomery White Oak Apartments, a 592-unit garden style apartment community in Silver Spring, MD from Joncon Venture, LLP. The acquisition price was nearly $87 million.

Situated on roughly 28 acres, the property is located at 11550 Stewart Lane in Montgomery County, adjacent to the White Oak Federal Research Campus, home to the U.S. FDA headquarters and the U.S. Army Research Laboratory.

CBRE’s Maxi Thiels Leachman and David Webb assisted the partnership in obtaining acquisition financing from Freddie Mac under the Green Advantage program. CBRE’s Bill Roohan, Mike Muldowney, Brian Margerum and Martha Hastings represented the seller.

The new owners plan to invest additional capital in a renovation program. That will encompass replacing the original outdated central heating and cooling plant with individual high-efficiency heat pumps installed in each apartment, generating significant utility consumption and cost savings.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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