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LANSDALE, PA – Morgan Properties has taken ownership of the Silk Factory Lofts, a 116-unit apartment community here that was originally built as the Interstate Hosiery Mill and is listed on the National Registry of Historic Places.

The historic factory building, where silk stockings were produced until the 1940s, had been restored and converted into upscale residential loft units in 2008. Its owners could not perform on the mortgage and the property was returned to the lender, GE Capital. Morgan Properties joined with CBRE Capital Partners property to purchase the non-performing loan after a sheriff’s sale auction. The final price was not disclosed.

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