Morgan Properties Buys DC-Area Community for $62M
- Sep 21, 2018
JBG Smiths has sold Bennington Crossings, a 308-unit community in Alexandria, Va., to Morgan Properties. HFF brokered the $62.3 million transaction on behalf of the seller and procured the buyer. According to Yardi Matrix data, JBG acquired the asset in 2013, for $54.5 million.
The 13-acre parcel is located in western Alexandria, inside the Capital Beltway (Interstate 495) and adjacent to Interstate 395. Downtown Washington, D.C. is a roughly 10-mile drive away. Situated two miles north of the Van Dorn Metrorail station, the asset provides easy access to major employment centers in Tysons, Va., Arlington, Va., and D.C.
Built in 1965, the community comprises 22 three- and four-story buildings with an average unit size of 943 square feet. Bennington Crossings offers 88 one-, 132 two- and 22 three-bedroom units. Common-area amenities include fitness center, business center, playground and swimming pool.
The HFF team representing the seller included Managing Director Walter Coker and Director Brian Crivella. “Given the tremendous activity in the Alexandria submarket and Northern Virginia, Bennington Crossings presented an ideal value-add opportunity for the buyer,” Coker said, in prepared remarks.
In February, Multi-Housing News named Morgan Properties as the number one multifamily investment company in the Mid-Atlantic in 2017, when the firm acquired a total of 7,372 units for more than $1 billion.
Image courtesy of HFF