Donaldson Group Expands Management Portfolio

The company has taken over management operations at two recently sold communities in Virginia—the 457-unit Rivermont Crossing in Chester and the 168-unit Lafayette in Norfolk.
Rivermont Crossing

The Donaldson Group has landed management contracts for two multifamily assets in Virginia totaling 625 units. Located near Richmond and in Norfolk, both communities changed hands earlier this year.

The first property, Rivermont Crossing, is a 457-unit asset at 1530 River Tree Drive in Chester, Va., less than 20 miles from Richmond. The Stephen A. Goldberg Co. acquired the 41-building, garden-style community in September for $79.8 million, according to Yardi Matrix.

Constructed in two phases in 2008 and 2013, the community contains a mix of two- and three-bedroom apartments and townhome units, with floorplans between 1,027 and 1,677 square feet. On-site amenities include a fitness center, a business center, a playground and a swimming pool. The property was 95.2 percent occupied in September, per Yardi Matrix data.

The Lafayette

The second asset, the 168-unit Lafayette at 4604 Mayflower Road in Norfolk, changed hands in May for $17 million, when Graycliff Capital purchased the community from Investors Management Group. The 12-story building was completed in 1964, and TDG will assist the new owner in renovations across the property.

The Lafayette, comprising studio, one-, two- and three-bedroom apartments, has an average unit size of 846 square feet. The property, like the first, was 95.2 percent occupied as of September.

In 2017, TDG acquired a 126-unit community in the suburbs of Washington, D.C., through a joint venture with DRA Advisors

Images courtesy of Yardi Matrix