O wners , D evelopers & M anagers

Real Estate Journal — Section B


M id A tlantic

Closes largest VA transaction this year and 2nd largest transaction in its 30+ year history Morgan Properties acquires the Mark Center Portfolio with $509m acquisition A

time investment opportunity to acquire significant size and scale to generate operational efficiencies and enhance the value of the assets. We are on track to acquire over $1 billion of real estate in 2017 and look forward to continuing to grow our portfolio.” The Apartments at Mark Center consist of six adjacent garden-style apartment com- munities: Hillwood, Stroner- idge, Meadow Creek, Lyn- brook, Brookdale, and Willow Run. Morgan Properties’ strat- egy for the residential portfolio is to consolidate the six assets into four large apartment communities to maximize operational efficiencies and ex- ecute a $35 million value-add repositioning plan to enhance the value of each property. The Apartments at Mark Center is extremely well positioned for interior unit renovations, given that 97.4% of the units remain un-renovated. The company plans to install over 2,200 washers and dryers and upgrade kitchens, curb appeal,

and exterior enhancements at each of the properties. Morgan Properties intends to renovate the Pavilion club- house. The Shops at Mark Center, an institutionally maintained grocery- and pharmacy-an- chored neighborhood shop- ping center, features nation- al retailers including CVS, Global Foods, Starbucks, and SunTrust Bank. The seller purchased the Mark Center portfolio from the Mark Winkler Company in 2006 and subsequently received approval from the City of Alexandria in 2012 to redevelop the existing apartment communities and retail center into a true “live, work, play” mixed-use Town Center. The redevelopment plan would maximize the al- lowable density from 2.5 MSF to 6.4 MSF. Morgan Proper- ties has obtained that right through acquisition, giving it tremendous optionality over the long-term to nearly triple the density. n

HI-LIGHTS S ept . 29 - O ct . 12, 2017 The Mark Center, which is considered one of the largest institutionally-maintained contiguous portfolios in the country, consists of 2,664 apartment units and a 63,320 s/f retail center situated on over 150 acres inside the Beltway. The Mark Center portfolio is located in the lexandria, VA — Morgan Properties has acquired the Mark Center portfolio in Alexandria for $509 million, making it the biggest transaction in the state for 2017.

7970 Willow Run

Camden, NJ — Holding true to Holtec's mission, USA Architects designed the en- ergy technology giant's mas- sive $260 million corporate campus, complete with new headquarters, manufactur- ing, warehouse operations and helipad, along the newly developed, 50-acre waterfront campus in Camden. The new location was a strategic move; to synchronize both the cor- porate and manufacturing workforce into one location, expand manufacturing capac- ity, and increase employment to over a thousand workers as part of Camden's economic redevelopment. The 160,000 s/f office build- ing features floor-to-ceiling curtain wall glass and lime- stone panels, a roof deck, 2-sto- ry atrium lobby, technology center, open meeting centers, two cafés, and open concept highly desirable Seminary Rd. submarket, with convenient access to Interstates 295, 395, and 495 and is within minutes of downtownWashington, DC. The properties are ideally positioned in the I-395 Cor- ridor, which greatly benefits from the large concentration of defense contractors and federal government agencies, in close proximity to Fort Belvoir, The Pentagon, US Patent and Trademark Office, the Department of Defense’s Mark Center campus and the

Inova Alexandria Hospital. CBRE represented the seller on this disposition. “The Mark Center acqui- sition is a major milestone for Morgan Properties, as it marks our second largest transaction in the company’s history and solidifies our posi- tion as one of the largest mul- tifamily owners in the Greater Washington DC Metro area,” said Jonathan Morgan , president of Morgan Proper- ties JVManagement. “We felt this deal was a once-in-a-life-

USA Architects designs Holtec’s $260m corporate campus inCamden, NewJersey


Kushner acquires 1,032-unit Quail Ridge Apt. community


Cervelli completes the sale of several NNJ apartment assets


200-ton cranes, a reactor test loop, and several auxiliary buildings to support the in- creased operational capacity. “We managed to design and construct a facility that sup- ports the rapid growth rate of Holtec’s $260 million corporate campus

office spaces. The building is designed to high standards of sustainability, using sun shading and building angles to control daylight into the office areas. The 500,000 s/f manu- facturing warehouse, contains

this international company,” said Paul Swartz , CEO of USA Architects, “...success- fully joining forces toward Camden’s revitalization and the future seems brighter than ever for South Jersey.” n

ALSO INSIDE Green Buildings........27-29B IREM...........................30-31B


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