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Jan. 7, 2013

The Donaldson Group Acquires Va. Property for $107.5M, Plans $5M Renovation

By Jessica Fiur, News Editor

Woodbridge, Va.—Rockville, Md.-based The Donaldson Group (TDG) and its equity partner, New York-based Angelo, Gordon & Co. (AG), have acquired Rolling Brook Village, a multifamily community in Woodbridge, Va., for $107.5 million.

“We view Rolling Brook Village as an excellent opportunity to acquire a well-located, well constructed property in a strong rental market,” Carlton Einsel, president, TDG, says. “It fits well into our growth plans and we are very pleased to have executed this core-plus transaction with our partners at AG.”

The community, which is located 24 miles south of Washington, D.C., includes 732 garden-style apartments. The Rolling Brook Village includes 53 apartment buildings that feature one- and two-bedroom units ranging from 644 to 1,038 square feet. Apartments all have balconies or patios, fireplaces, washers and dryers and vaulted ceilings.

Amenities for the community include two community centers with pools, a business center, a residents’ lounge, fitness center and a playground.

TDG plans to invest $5 million in renovations to the community, including upgrades to the buildings, common areas and apartments. These renovations will be performed on the building facades, parking lots, landscaping and amenities. Apartments will get new kitchens, which will include cabinetry, countertops, flooring, lighting and appliances. Carpeting and bathrooms throughout the community will also be upgraded.

“This is a solid asset in a growing submarket that is positioned to benefit from BRAC (Base Realignment and Closure) and the resulting job growth at Fort Belvoir and Quantico,” John Majeski, senior vice president, TDG, says. “There is an opportunity to improve the property and advance operating performance on both the revenue and expense sides.”

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