JV Acquires MD Community for $43M
- Mar 11, 2019
A joint venture of The Donaldson Group, Declaration Capital and Angelo, Gordon & Co. has acquired Plaza Towers, a high-rise apartment community in Hyattsville, Md., for $42.6 million. The Donaldson Group will also serve as property manager.
Located at 6700 Belcrest Road, the 11-story community offers 288 studio, one-, two- and three-bedroom floorplans ranging from 616 to 1,246 square feet. According to Yardi Matrix, Plaza Towers was 91 percent occupied as of January. Interior features include fully-equipped kitchens, wall-to-wall carpeting, large bedrooms and closets, as well as private balcony/patios. Residents have access to amenities such as an outdoor pool with tanning deck, tennis courts, fitness center, laundry center, access to nearby trails and 24-hour front desk and maintenance.
The new owners will implement a capital improvements plan to modernize the property. This will include upgrades to the leasing center, common areas and exterior of the building, as well as the addition of new common area amenities. Renovations are planned to begin during spring of this year.
The community is within walking distance of Prince George’s Plaza Metro Station and The Mall at Prince George’s. Also located nearby are two new mixed-use developments—the $2 billion research-focused Discovery District and the 1.4 million-square-foot town center Riverdale Park Station.
Quality in Maryland
“This close-in Prince George’s County neighborhood is experiencing substantial new construction. With the capital improvements that we will be undertaking, Plaza Towers can provide convenient housing for many people who work at nearby federal government agencies, the University of Maryland, and other employment centers accessible by metro,” John Majeski, senior vice president at The Donaldson Group, told Multi-Housing News.
Last month, a joint venture between The Donaldson Group, Declaration Capital and a fund managed by DRA Advisors acquired Montgomery White Oak Apartments for $86.8 million, a 592-unit garden-style apartment community in Silver Spring, Md.
Image courtesy of The Donaldson Group, Declaration Capital, Angelo, Gordon & Co.