WASHINGTON — Real estate investment and management firm Morgan Properties Trust has acquired The Apartments at Mark Center for $509 million, making it the biggest commercial real estate transaction in Virginia this year.
The Apartments at Mark Center, part of the huge Mark Center development, includes almost 2,700 apartments in six separate buildings, and 63,000 square feet of retail that includes a CVS, Global Foods, Starbucks and SunTrust Bank.
King of Prussia, Pennsylvania-based Morgan Properties has expanded its apartment portfolio in the D.C. region to almost 22,000 apartment units in the past five years through acquisitions.
Mark Center is off Seminary Road and benefits from the large concentration of defense contractors and government agencies, and its proximity to Fort Belvoir.
The Defense Department has a large presence at the Mark Center Campus.
Morgan Properties said it 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.
