Report: Mount Vernon Square Apartments going though sale
The largest apartment complex in the Richmond Highway area will soon have new owners, according to a recent report.
Morgan Properties is purchasing the 1,387-unit Mount Vernon Square Apartments as part of a larger deal the company has made to acquire 15 properties in D.C., Baltimore and Philadelphia areas, according to Bisnow. The total deal is worth $1.4 billion, according to Bisnow. The specific purchase price for Mount Vernon Square was not listed.
A spokeswoman for Morgan Properties said Friday the company could neither confirm nor deny the report at this time.
Completed in 1966, the Mount Vernon Square Apartments are located on Arlington Drive in the Hybla Valley area (see map). The garden apartment development consists of one-, two- and three-bedroom units ranging in price from $1,260-$2,045 per month.
Mount Vernon Square was last sold in 2006, when Home Properties Mount Vernon LLC purchased the complex for $143.3 million. According to the Bisnow article, the actual owner is Lone Star Funds, a private equity company.
Is this covering the same acquisition?
https://www.bisnow.com/washington-dc/news/multifamily/kushner-cos-buys-maryland-and-virginia-apartment-portfolio-for-over-1b-97653
Two different deals. It will be interesting to see what properties are included in the Kushner buy. Lots of sales around Route 1 in the past few years.