TDG and Declaration Partners purchase Maryland apartment community

Maryland-based The Donaldson Group (TDG) and New York–based Declaration Partners have partnered to purchase a 272-unit garden-style apartment community in Silver Spring, Md., for $53 million in an off-market transaction.

The Donaldson Group is a full-service real estate management and investment company that has advised clients on more than $1.75 billion of multifamily real estate acquisitions, along with its affiliate, TDG Capital Partners. Declaration Partners is an investment firm backed by the family office of David M. Rubenstein, co-founder and co-executive chairman of The Carlyle Group.

The partnership is planning to renovate the apartment community, known as Vista at White Oak Apartments, through a program which includes upgrading units and common areas, exterior improvements, and mechanical system modernization. Twenty percent of the units are affordable under the U.S. Department of Housing and Urban Development’s Housing Assistance Payment (HAP) program.

Vista at White Oak Apartments is situated on 11 acres of land adjacent to the headquarters of the Food and Drug Administration (FDA). The property is also close to the U.S. Army Adelphi Laboratory Center and Viva White Oak, a $3 billion, 12 million-square-foot planned mixed-use Life Science Village. It offers direct access to U.S. Route 29 and is also close to I-495, the Intercounty Connector, and I-95.

“Vista at White Oak is a well-located, well-built apartment community in a very strong location,” said John Majeski, senior vice president of TDG. “We are extremely pleased to have executed another transaction with Declaration Partners, and we will continue to seek similar opportunities in the future.”

Financing was obtained via Freddie Mac.