Morgan Properties acquires apartment and retail portfolio for $509M

Morgan Properties, one of the nation’s largest a investment and management companies, has acquired the Mark Center portfolio in Alexandria, Virginia for $509 million, making it the biggest transaction in the state for 2017.

As a Class B multifamily owner/operator, Morgan Properties owns and manages over 40,000 apartment units in ten states throughout the country.

Over the last five years, the company has expanded its portfolio holdings in the Maryland-DC Corridor by growing from 4,300 units to 21,500.

“The Mark Center acquisition is a major milestone for Morgan Properties, as it marks our second largest transaction in the company’s history and solidifies our position as one of the largest multifamily owners in the Greater Washington DC Metro area,” said Jonathan Morgan, president of Morgan Properties JV Management.

“We felt this deal was a once-in-a-lifetime investment opportunity to acquire significant size and scale to generate operational efficiencies and enhance the value of the assets. We are on track to acquire over $1 billion of real estate in 2017 and look forward to continuing to grow our portfolio.”

The Mark Center, which is considered one of the largest institutionally-maintained contiguous portfolios in the country, consists of 2,664 apartment units and a 63,320 s/f retail center situated on over 150 acres inside the Beltway.  The portfolio is located in the Seminary Road submarket, in the I-395 Corridor, proliferated by defense contractors and federal government agencies, in close proximity to Fort Belvoir, The Pentagon, US Patent and Trademark Office, the Department of Defense’s Mark Center campus and the Inova Alexandria Hospital.

CBRE represented the seller, who purchased the portfolio from the Mark Winkler Company in 2006 and subsequently received approval from the City of Alexandria in 2012 to redevelop the existing apartment communities and retail center into a “live, work, play” mixed-use Town Center.

The redevelopment plan would maximize the allowable density from 2.5 MSF to 6.4 MSF.

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