Morgan Properties acquires the Mark Center portfolio for $509m

Morgan Properties has acquired a 2,664-unit portfolio in Alexandria, Va., for an approximately $509 million. The seller was JBG Cos.

The Mark Center portfolio features six garden-style apartment communities and a 63,000 square-foot retail center that includes a CVS, Global Foods, Starbucks and SunTrust Bank. The apartment communities include Hillwood, Stroneridge, Meadow Creek, Lynbrook, Brookdale, and Willow Run.

The acquisition is considered the biggest commercial real estate transaction in Virginia this year.

Morgan Properties will invest $35 million in upgrades and renovations to The Apartments at Mark Center, including additions to the Pavilion Clubhouse that will include a fitness center, business center, movie theater, putting green and dog park.