Donaldson Group Buys Silver Spring Apartments For $90M
The 398-unit apartment complex at 1131 University Blvd. sits about 4 miles north of the Silver Spring Metro station and about 2 miles east of the Wheaton Metro station.
The Donaldson Group plans to launch a significant renovation of the property, including upgrades to its common areas, units and HVAC system. The firm will also manage the property.
The acquisition is the third D.C.-area purchase for The Donaldson Group in less than three years. In December, it acquired an Annandale apartment property for $84M as part of a joint venture with Declaration Partners. That same JV acquired a Silver Spring apartment property in January 2019 for $87M. Donaldson owns or manages more than two dozen apartment communities in Maryland and Virginia, according to its website.