Apartment complex in Woodbridge sells for $107.5 million
- January 14, 2013
The Donaldson Group of Rockville, Md., along with equity partner, New York-based Angelo, Gordon & Co, have acquired Rolling Brook Village,a 732-unit garden apartment community in Woodbridge for $107.5 million.
The partnership said in a statement that it plans to invest $5 million in upgrades and renovations to the buildings, common areas and apartment units
Walker & Dunlop assisted the partnership in obtaining acquisition financing through Freddie Mac.
Situated on about 55 acres, Rolling Brook Village is located 24 miles south of Washington, D.C. in southeastern Prince William County. It is near I-95 and within walking distance of the Occoquan River shoreline. Rolling Brook also offers convenient access to Marine Corps Base Quantico, Fort Belvoir, and other employment centers, as well as the VRE commuter train service to and from Washington.
The complex has 53 garden apartment buildings, constructed in two phases in 1988 and 1990.
“We view Rolling Brook Village as an excellent opportunity to acquire a well-located, well-constructed property in a strong rental market, “Carlton Einsel, president of The Donaldson Group, said in a statement.
“This is a solid asset in a growing submarket that is positioned to benefit from BRAC (Base Realignment and Closure) and the resulting job growth at Fort Belvoir and Quantico,” added John Majeski, senior vice president.