Industries Commercial Real Estate

Morgan Properties purchases Alexandria apartments for $62.3 million

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Morgan Properties has purchased the Bennington Crossings Apartments in Alexandria for $62.3 million.

The 308-unit multifamily apartment building is located on 13.1 acres at 441 N. Armistead St. inside the Capital Beltway just off Interstate 395.

Morgan Properties is a national real estate investment and management company headquartered in King of Prussia, Pa. It owns 150 apartment communities in 10 states. It acquired the apartment building from JBG Smith.

The property includes 22 three- and four-story residential buildings with one, two and three-bedroom apartments. Community amenities include a swimming pool, playground, fitness center and on-site DASH bus site.

Morgan Properties plans to renovate and update the units, according to Berkadia, which financed $47.9 million of the transaction in partnership with Freddie Mac. Berkadia is a joint venture of Berkshire Hathaway and Jefferies Financial Group.

Walter Coker and Brian Crivella of Holliday Fenoglio Fowler represented the seller.

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