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JBG Smith sells Alexandria multifamily to a familiar buyer

JBG Smith Properties (NYSE: JBGS) has sold Bennington Crossings, a 308-unit apartment complex, for $62.3 million to Morgan Properties, putting the Chevy Chase developer that much closer to a goal of $700 million in asset sales.

The sale, brokered by Holliday Fenoglio Fowler LP (NYSE: HF), comes a little more than a year after The JBG Cos. sold its Mark Center holdings also in Alexandria to Morgan Properties for $509 million.

Bennington Crossings is a garden style apartment complex located at 441 N. Armistead St. on the North Beauregard Street corridor. It sits on 13.1 acres and includes 22 three- and four-story apartment buildings.

JBG Smith, which was formed by the union of JBG Cos. and the D.C. business unit of Vornado Realty Trust (NYSE: VNO), has been shedding select office and residential properties to fuel its development pipeline, including a major redevelopment in Crystal City.

In August, JBG Smith CEO Matt Kelly told me the company had already inked about $338 million in asset…

Read the full story from the Washington Business Journal.



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