A partnership has bought Plaza Towers Apartments, a 288-unit high rise apartment community in Hyattsville, for $42.6 million.
Donaldson Group of Rockville, New York-based Declaration Capital, and New York-based Angelo, Gordon said in a news release that their partnership will invest much-needed capital to modernize the community. Improvements will include a leasing center, upgraded common areas, exterior building improvements and new tenant amenities. Work is expected to begin by late spring.
“We are pleased to complete another successful acquisition with our partners at Angelo Gordon and Declaration Capital,” said Carlton Einsel, chief executive officer, The Donaldson Group. “We made an all-cash offer in conjunction with an accelerated settlement period, thereby meeting the seller’s closing time frame.”
Situated on about 6.6 acres at 6700 Belcrest Road, Plaza Towers is within walking distance of both the Prince George’s Plaza Metro Station and The Mall at Prince George’s. It is within minutes of two new mixed-use developments: the $2 billion, 150-acre research-focused Discovery District, and Riverdale Park Station, a 1.4 million square foot town center anchored by Whole Foods. Also nearby is the University of Maryland’s flagship College Park campus.
The Donaldson Group, LLC is a full-service real estate management and investment company in Rockville. Over the last 15 years, TDG and its affiliate, TDG Capital Partners, LLC have advised clients on acquisitions of over $1.75 billion in multifamily real estate investments comprising approximately 18,000 units.
Declaration Capital is the family office of David M. Rubenstein, the co-founder and co-executive chairman of The Carlyle Group. Declaration Capital focuses on venture, growth, real estate, and family-owned investments.
Angelo, Gordon & Co., L.P. is a privately held limited partnership founded in November 1988. The firm currently manages approximately $32 billion with a primary focus on credit and real estate strategies.