Morgan Properties has invested $509 million to acquire the Mark Center portfolio in Alexandria, Virginia. The asset is considered one of the largest institutionally-maintained contiguous portfolios in the country and encompasses 2,664 apartment units and a 63,320 square foot retail center situated on over 150 acres inside the Beltway. The Apartments at Mark Center consist of six adjacent garden-style apartment communities: Hillwood, Stroneridge, Meadow Creek, Lynbrook, Brookdale, and Willow Run. The company plans to consolidate the six assets into four large apartment communities to maximize operational efficiencies and execute a $35 million value-add repositioning plan. The Shops at Mark Center, an institutionally maintained grocery- and pharmacy-anchored neighborhood shopping center, features national retailers including CVS, Global Foods, Starbucks, and SunTrust Bank. CBRE represented the seller, JBG Smith Properties, during the disposition.
“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.”
