Mount Vernon Square inAlexandria, Va.
KING OF PRUSSIA, PA—Recently Lonestar sold its Lantern Portfolioto the locally-based Morgan Properties for $890.5 million. Theportfolio has 10 assets and 4,130 units that span Philadelphia andNorthern Virginia, making it the largest multifamily transaction inPhiladelphia to date, according to Morgan Properties.
The transaction also makes Morgan Properties the largestmultifamily owner in Pennsylvania, according to Jonathan Morgan,president of the company, bringing its Pennsylvania portfolio to9,300 units and its total unit count to 50,000 units. ““The LanternPortfolio transaction solidifies the geographic concentration intwo of our core markets of suburban Philly and Northern Virginia,”he says in a prepared statement.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
