Donaldson Group, Declaration Capital, DRA Advisors partnership acquires Maryland apartment community for $87m
The Donaldson Group (TDG) of Rockville, Md., Declaration Capital of New York City, and a fund managed by DRA Advisors have acquired Montgomery White Oak Apartments, a 592-unit garden-style apartment community located in Silver Spring, Md. The acquisition price was approximately $86.75 million. The partnership plans to invest additional capital to renovate the property.
Maxi Thiels Leachman and David Webb of CBRE Capital Markets assisted the partnership in obtaining acquisition financing from Freddie Mac under the Green Advantage program. The seller, Joncon Venture, was represented by Bill Roohan, Mike Muldowney, Brian Margerum and Martha Hastings of CBRE’s Baltimore-based investment sales group.
Situated on approximately 28 acres, Montgomery White Oak is located in Montgomery County adjacent to the White Oak Federal Research Campus, home to the U.S. Food and Drug Administration (FDA) headquarters and the U.S. Army Research Laboratory. It is less than one mile from