U.S. The Donaldson led JV closes $42.6 mln acquisition of Plaza Towers

A joint venture (JV) including U.S.-based apartment rental firm The Donaldson Group, real estate firm Declaration Capital and rival Angelo Gordon & Co. has bought Plaza Towers, a high-rise apartment community in Hyattsville.

The purchase price was considered at about $42.6 million for the asset, which has amenities such as an outdoor pool with tanning deck, tennis courts, fitness centre, laundry centre.

The JV also intends to implement a capital improvements plan, expected to begin during spring of this year, to modernize the property. The Donaldson Group will also serve as property manager. 

Last month, the JV between The Donaldson Group, Declaration Capital and a fund managed by U.S. real estate investment manager DRA Advisors also acquired Montgomery White Oak Apartments for $86.8 million.