Morgan Properties announced Wednesday that it has acquired the Mark Center portfolio in Alexandria for $509 million. The transaction, which the company described as the largest in the state this year, includes 2,664 apartment units and a 63,320-square-foot retail center situated on more than 150 acres inside the Beltway.
The Pennsylvania-based real estate investment and management company has been expanding its portfolio in the greater Washington area.
“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, D.C., metro area,” Jonathan Morgan, president of Morgan Properties JV Management, said in a statement. “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.
