DRI Successfully Divests the 727-Unit Verona at Landover Hills in MD

Vito Dragone is an established real estate expert in Washington, DC. He guides Dragone Realty Investments (DRI), which delivers investment, rehabilitation, and management solutions. Focused on identifying exceptional opportunities, Vito Dragone has overseen the sale of major completed multifamily projects such as Verona at Landover Hills.

In July 2022, DRI, in tandem with GMF Capital, successfully sold the 727-unit apartment complex to Dumas Collective’s acquisition division Dantes Community Partners and the Urban Investment Group (part of Goldman Sachs Asset Management). The Maryland property, constructed in 1966, comprises 25 four-story buildings on nearly 30 acres. In addition, DRI completed luxury unit upgrades on the units, including new cabinetry, countertops, and appliances.

With affordable housing a major issue nationwide, the property sold for $139,000,000, which included $105 million in structured financing, was the third transaction initiated by Dantes Partners’ NORE Fund I, LP. It is foundational to the One Million Black Women initiative, a $10 billion, 10-year Goldman Sachs investment strategy that seeks to narrow the opportunity gaps faced in the United States by women of color.

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