A joint venture (JV) of U.S.-based real estate company Donaldson Group, investment firm Declaration Capital and a fund run by peer DRA Advisors has bought Montgomery White Oak Apartments, an apartment complex in Silver Spring, Maryland.
The property, which is 592-units, was divested by U.S.-based real estate company Joncon Venture LLP for $86.8 million.
The property, which sits on nearly 28 acres in Montgomery County, has amenities like swimming pool, playground, tennis court, laundry facilities.
The new owners will invest additional capital into a renovation program to replace the original, outdated central heating and cooling plant.