A national real estate investment firm announced last week that it has officially acquired 10 apartment complexes in the Philadelphia and Northern Virginia area, including the Mount Vernon Square Apartments in Hybla Valley.
Pennsylvania-based Morgan Properties is the new owner of the 1,347-unit Mount Vernon Square Apartments on Arlington Drive (see map). The complex is the biggest multi-family development in the Richmond Highway area.
“[Mount Vernon Square] is considered the anchor asset to Morgan Properties’ rapidly growing presence in Alexandria, Virginia,” Morgan Properties said in the release.
The sale price for the Mount Vernon Square Apartments was not disclosed. Mount Vernon Square was last sold in 2006, when Home Properties Mount Vernon LLC purchased the complex for $143.3 million.
In a press release announcing the purchases, Morgan Properties said it plans to spend $20 million on renovations and amenity upgrades at the properties. Specific plans for Mount Vernon Square were not immediately available, according to a company spokeswoman.
Completed in 1966, the Mount Vernon Square Apartments consist of one-, two- and three-bedroom units ranging in price from $1,260-$2,045 per month. The rental prices make the garden apartment complex affordable for families who earn 50-60 percent of the area median income, according to figures on Fairfax County’s website.