The joint venture of The Donaldson Group and David Rubenstein's Declaration Partners has acquired its third D.C.-area apartment community in the last two years.

The partnership, along with a fund managed by DRA Advisors, announced Thursday it acquired the Fairmont Gardens Apartments in Annandale from Capital Investment Advisors for $84M.

CBRE's Jonathan Greenberg represented the seller, and CBRE's David Webb and Maxi Leachman worked with the buyer to assume the in-place loan with Fannie Mae.

The 388-unit, garden-style apartment community sits on a 21-acre site at the intersection of Little River Turnpike and Wadsworth Court, roughly a mile from the Beltway. It is across the street from a shopping center featuring a Safeway, Dollar Tree, Starbucks and several restaurants.

The buyers plan to renovate the property by replacing the heating and cooling systems, and upgrading the common areas, building facades and landscaping.

The deal comes after Donaldson and Declaration last year partnered on two acquisitions in Silver Spring. The joint venture in January 2019 acquired a 592-unit property for $87M, and in September 2019 it bought a 272-unit property for $53M.

“We are extremely pleased to have executed another transaction with our partners at DRA Advisors and Declaration Partners, and we will continue to seek similar opportunities,” The Donaldson Group CEO Carlton Einsel said in a release.

Carlyle Group co-founder David Rubenstein, whose family office backs Declaration Partners, will speak on a Bisnow Town Hall webinar Wednesday.