Forestville, Md.—The Donaldson Group and its equity partner, Angelo, Gordon & Company, have acquired Regency Point, a 599-unit community in Forestville, Md., for $20 million. The partnership will invest an additional $16 million to renovate the property, which is located on 24.6 acres just inside the Washington Beltway.
The partnership acquired a defaulted $32 million senior loan on the property from Wells Fargo and foreclosed on the owner, MPI Cambridge, which had been in bankruptcy since mid-2009. The two firms agreed to sell the property in an August 2010 foreclosure auction, but the sale did not end up closing. The partnership has recently finalized its acquisition of the property.
“We view Regency Point as an excellent opportunity to acquire a well-located apartment community in a str...Read More