David Rubenstein's Firm Partners On $53M Silver Spring Apartment Acquisition
A joint venture of The Donaldson Group and David Rubenstein's Declaration Partners has made its second Silver Spring apartment acquisition this year.
The partnership announced Monday it acquired the 272-unit Vista at White Oak apartments for $53M.
The off-market deal pencils out to about $195K/unit. CBRE's Maxi Leachman and David Webb helped the buyers secure acquisition financing from Freddie Mac.
The 11-acre, garden-style apartment community sits near the interchange of Columbia Pike and New Hampshire Avenue, next to a Giant-anchored shopping center. It is just north of the U.S. Food and Drug Administration headquarters, within a mile of the long-planned $3B, 12M SF Viva White Oak development.
The property is directly to the south of the other apartment community acquired in a joint venture between Donaldson and Declaration this year. The partnership in January announced it acquired the 592-unit Montgomery White Oak apartments for $86.8M.
"Vista at White Oak is a well-located, well-built apartment community in a very strong location," The Donaldson Group Senior Vice President John Majeski said in a release. "We are extremely pleased to have executed another transaction with Declaration Partners, and we will continue to seek similar opportunities in the future."
