Joint venture partners the Donaldson Group of Rockville, MD, and New York-based Angelo, Gordon & Co have closed on a $111 million cash deal for the Cityside at Huntington Metro apartment community in Alexandria, VA. Comprised of four high-rise buildings built between 1968 and 1974, the 569 unit property changed hands for slightly over $195,000 per residence. Amenities include a rooftop fitness center, rooftop lounge, outdoor pool and sundeck. The new owners are planning a comprehensive renovation of the asset including reconfiguration and modernization of the leasing center and lobby, exterior facade renovations and balcony railing replacements, upgrades to mechanical systems, and interior unit renovations. The seller, an affiliate of The Carlyle Group, was represented CBRE Capital Markets.
“Cityside has substantial growth opportunities,” said TDG Senior Vice President John Majeski. “We have developed an intelligent, well-designed and cost-effective renovation, coupled with an engaged management team, dedicated to building relationships with our residents and providing them with superior customer service.”
