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Carlyle Group affiliate sells Va. apartment complex for $111M

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According to Market Intelligence, December 2022

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Carlyle Group affiliate sells Va. apartment complex for $111M

An affiliate of the Carlyle Group LP sold a 569-unit apartment complex in Fairfax County, Va., to The Donaldson Group and the Angelo Gordon & Co. for $111 million in an all-cash transaction, the Washington Business Journal reported, citing a release.

The price translates to a per-unit cost of $195,000.

According to the report, the buyers pushed to purchase the four-building Cityside at Huntington Metro at 6034 Richmond Hwy. with an accelerated due diligence and completion term. The two new owners plan to make refurbishment works on the asset, which houses studio to three-bedroom units and a rooftop fitness center, among other features, the report noted.

Agents from CBRE Capital Markets represented the seller in the deal.