LARGO, MD-Morgan Properties and equity partner, New York City-based DRA Advisors LLC have formed a joint venture partnership to acquire Northampton Apartments, a 620-unit multifamily garden apartment community here from Equity Residential.
No terms of the transaction were released. Jones Lang LaSalle represented the seller in the deal.
Northampton Apartments was built in two phases in 1977 and 1987 by the Artery Group. The community offers individually-controlled HVAC units, washers ad dryers and kitchens with breakfast bars.
Commenting on its latest acquisition, Mitchell Morgan, founder and CEO of Morgan Properties, states, “Northampton is a perfect fit for our existing portfolio in the Maryland-DC Corridor. Given our strong market presence and the operational synergies created, we can efficiently manage the asset and generate significant yield. We are looking forward to owning the asset and executing our repositioning strategy.”
Morgan Properties, based in King of Prussia, PA, currently oversee a multifamily portfolio of 17 apartment communities, comprised of more than 7,000 units in the Maryland-Washington, DC market.
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