LARGO, MD-Equity Residential has sold the 620-unit Northampton Apartments complex here to a joint venture of King of Prussia, PA-based Morgan Properties and DRA Advisors LLC of New York City for $94.6 million.

Morgan and DRA announced the formation of a joint venture to acquire the property on May 9. The deal calculated out to approximately $152,661 per unit. It's the first venture for Morgan and DR, according to the Washington Business Journal. Morgan owns several other multifamily properties in the Baltimore area, including the 800-unit Chesapeake Glen apartments in Anne Arundel County, which it acquired earlier this year. Morgan and DRA are planning to renovate the 47-building, garden-style community.

Morgan Acquisitions Director Jonathan Morgan said his firm saw an opportunity to bring added value to the property via its repositioning. "We feel that we have the ability to capture an additional rent premium in the market without competing directly with Class A assets," he states. "By implementing our value-add repositioning strategy, Morgan Properties will enhance the value of the asset by maximizing cash flow." See story in the Washington Business Journal.