The Donaldson Group and a fund managed by DRA Advisors have acquired Fairmont Garden Apartments, a 388-unit garden style apartment community in Annandale, Virginia. The acquisition price was approximately $84 million, and the partnership plans to invest additional capital to renovate the property.
The seller was Capital Investment Advisors.
Situated on approximately 21 acres, Fairmont Gardens has direct access to I-495 (Capital Beltway), a major thoroughfare in Northern Virginia, providing Fairmont Gardens convenient access to the entire Washington, DC metropolitan area. It is approximately ten minutes from Tysons Corner, one of the largest employment and shopping areas in the U.S. including a 2.4 million square foot shopping mall and headquarters of Capital One, Booz Allen Hamilton, Hilton, Leidos, and M.C. Dean.
The partnership’s planned capital improvements will include replacing the original outdated central heating and cooling plant with individual high
