Plaza Towers in Hyattsville Changes Hands

The Plaza Towers apartment community at 6700 Belcrest Road in Hyattsville has been sold to a partnership of The Donaldson Group of Rockville, MD, New York-based Declaration Capital, and New York-based Angelo, Gordon.

Situated on approximately 6.6 acres, Plaza Towers is located within walking distance of both the Prince George’s Plaza Metro Station and The Mall at Prince George’s. It is within minutes of two new mixed-use developments: the $2 billion, 150-acre research-focused Discovery District, and Riverdale Park Station, a 1.4 million square foot town center anchored by Whole Foods. Also nearby is the University of Maryland’s flagship College Park campus, the largest university in the Washington metropolitan area and a major employment center.

The new ownership will invest much-needed capital to enhance and modernize the community. Capital improvements will include a leasing center, upgraded common areas, exterior building improvements, and new tenant amenities. Efficient property management by Donaldson will reduce operating expenses and improve customer service. Work is expected to begin by late spring.

“Plaza Towers is a well-built apartment community in a fantastic location,” said John Majeski, Senior Vice President, The Donaldson Group. “We believe in this growing Hyattsville market and plan to continue investing in quality rental communities in the Washington, DC area.”