Yet another commercial property in the Huntington area has been sold.
The Cityside Huntington Metro apartments were purchased recently for $111 million in cash by the Rockville, Md.-based Donaldson Group and the New York-based Angelo, Gordon & Co, the firms announced in a joint press release.
The seller was an affiliate of The Carlyle Group, the release said. Cityside was previously sold for $93 million in 2011, according to Fairfax County property records.
The 569-unit complex, located at 6034 Richmond Highway, includes four high-rise buildings completed in 1974. The complex was originally known as the Belle Haven Towers.
The sale was first reported by the Washington Business Journal.
The press release indicated Cityside will be undergoing a substantial renovation under the new owners. A list of planned improvements for the apartments themselves include the installation of new cabinets, stainless steel appliances, luxury countertops, upgraded flooring, and bathrooms.
An overhaul of the leasing center and lobby is also planned, as are new windows, common area and entryway improvements, facade renovations, balcony railing replacements, enhanced landscaping, and upgrades to mechanical systems.
“Cityside has substantial growth opportunities. We have developed an intelligent, well-designed and cost-effective renovation, coupled with an engaged management team, dedicated to building relationships with our residents and providing them with superior customer service,” Donaldson Group Senior Vice President John Majeski said in the press release. “We truly believe in this growing market and plan to take advantage of the tremendous opportunities.”
The sale comes on the heels of a number of high-profile commercial sales in the Huntington area earlier this year. The Parker apartments, a 360-unit apartment complex completed in 2015, was sold Sept. 28 for $112.8 million. The Budget Host Travelers Motel at 5916 Richmond Highway was sold for $2.2 million on Sept. 9, and the 5904 Richmond Highway office building (formerly the Taxi Magic building), was sold for $8.3 million later that month.