14B — March 28 - April 10, 2014 — Owners, Developers & Managers — Mid Atlantic Real Estate Journal
www.marejournal.com
M ULTIFAMILY /POA E XPO CBRE assists in acquisition financing & represents seller TDG, Angelo Gordon acquire MD apartments for $110m
ONTGOMERY VIL- LAGE, MD — The Donaldson Group (TDG) of Rockville, MD and its equity partner, New York- based Angelo, Gordon & Co. (AG) , have acquired Cider Mill Apartments, an 864-unit garden-style apartment com- munity located in Montgom- ery Village. The acquisition price was approximately $110 million, and the partnership plans to invest an additional $15 million to renovate the property. Matthew Williams and Maury Zanoff of CBRE Capital Markets assisted M
the AG-TDG partnership in obtaining acquisition financ- ing from HSBC Bank . The seller, Home Properties , was represented by Bill Roohan and Brian Margerum of CBRE’s Baltimore, MD-based investment sales group. Situated on approximately 42 acres, Cider Mill is located in Montgomery County one mile from I-270 and 1.5 miles from the Gaithersburg MARC commuter rail station. Just across the street is Lakeforest Mall, a 1.1 million s/f shopping center with over 150 retailers and eateries. Cider Mill is comprised of 72
garden apartment buildings constructed between 1971 and 1973. Its one-, two- and three- bedroom apartment homes range from 690 to 1,140 s/f in size. TDG’s renovation will in- clude replacing the original, outdated central heating and cooling plant with individual high-efficiency electric heat pumps for each apartment. The new ownership also plans to upgrade the building fa- cades, common areas and courtyards, landscaping and fencing, leasing center, fit- ness center, and pool house. Individual apartments will
Cider Mill Apartments
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be renovated with all-new kitchens. “The acquisition of Cider Mill Apartments presents us with an outstanding opportu- nity to reposition a well-locat- ed apartment community in a strong rental market,” said Carlton Einsel , president, The Donaldson Group. “This property has signifi- cant upside potential, and we look forward to creating value for both the residents and our partnership through our planned renovations,” said John Majeski , senior vice president, The Donaldson Group. Col l iers brokers sale of Tiffany Apartments COLUMBIA, MD — Col- liers International in Bal- timore brokered the sale of Tiffany Apartments at 3603– 3608 Monterey Rd. in Bal- timore for $1,450,000. Real estate investing group Tryko Partners bought the apart- ments from a local family, who Colliers represented. Tiffany Apartments consists of 32 rentable units with four additional unfinished units in three total buildings. “We brokered a value add transaction by showing poten- tial buyers how improvements to the property could bring ad- ditional income,” said Steve Weiss , senior vice president of Colliers | Baltimore, who brokered the transaction with Louis Kousouris , president and principal of Colliers | Baltimore. “As we worked with poten- tial buyers, we showed them how they could renovate Tif- fany Apartments” Weiss said. The apartments maintain a 95% occupancy level.
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