A partnership of The Donaldson Group, Declaration Partners and a fund managed by DRA Advisors has purchased Fairmont Garden Apartments, a 388-unit property in Annandale, Va., for $84 million. CBRE’s investment sales group facilitated the deal on behalf of the seller, Capital Investment Advisors. The new ownership is planning to upgrade the asset.
The joint venture—assisted by CBRE Capital Markets—assumed a 10-year, $49.7 million Fannie Mae loan with a 3.5 percent interest rate, dating back to 2019. According to Yardi Matrix, the garden-style property last traded in 2017, when JBG Cos. sold it for $65 million.
Fairmont Gardens is situated on 21 acres at 4137 Wadsworth Court, near the junction of Interstate 495 and State Route 236. Located 14 miles southwest of central Washington, D.C., the community is serviced by a vast retail cluster along Little River Turnpike, while Tysons Corner is 7 miles away.
Dating back to 1962, the 33-building property offers a unit mix of one-, two- and three-bedrooms and common-area amenities, such as a swimming pool, laundry facilities, a playground and grade-level parking.
Projected upgrades include the replacement of the old central heating and cooling plant with high-efficiency heat pumps installed in each unit. The common areas, facades and landscaping will also be reconditioned, according to John Majeski, senior vice president of The Donaldson Group.
CBRE’s David Webb and Maxi Leachman arranged the assuming of the debt, while Jonathan Greenberg brokered the deal. Earlier this year, DRA Advisors sold two garden-style properties in Richmond, Va., totaling 853 units, following a seven-year ownership.