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Morgan Properties, a Philadelphia-based investor that has been bullish on D.C.-area Class-B apartments, has just scooped up another Alexandria property.
The investor acquired the 308-unit Bennington Crossings apartment community from JBG Smith for $62.3M. HFF's Walter Coker and Brian Crivella brokered the deal on behalf of JBG Smith.
The garden-style apartment community at 441 North Armistead St. sits just off Interstate 395, about 2 miles from the Van Dorn Metro station. It consists of 22 three- and- four-story residential buildings with units ranging from one bedrooms to three bedrooms and averaging 943 SF. Its amenities include a swimming pool, a fitness center and a playground.
The deal represents the second Alexandria multifamily sale between Morgan and JBG in the last 13 months. In August 2017, JBG sold the 2,664-unit Mark Center portfolio to Morgan for $509M, one of the largest D.C.-area real estate deals of 2017.
Morgan Properties followed that deal with the November acquisition of a 2,729-unit portfolio of Maryland apartments. Morgan President Jonathan Morgan told Bisnow in November it is targeting Class-B apartments because it sees opportunity to add value, and it has "highly coveted" the Northern Virginia market.
In addition to the multifamily deals, JBG has also sold several office assets this year after CEO Matt Kelly told investors in March he sees D.C. as a seller's market. The REIT has since sold two Reston office buildings and two Downtown D.C. office buildings in deals totaling $356M.
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