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620-unit multifamily garden community trades for $94.65 million
WASHINGTON, D.C., June 12, 2013 — Jones Lang LaSalle’s Capital Markets experts today announced the firm has closed the sale of Northampton Apartments in Largo, Maryland on behalf of Equity Residential. A partnership between Morgan Properties and DRA Advisors purchased the 47-building, 620-unit, garden-style apartment community for $94.65 million.
Managing Directors Al Cissel and Scott Melnick along with Senior Vice President Christine Espenshade led the Jones Lang LaSalle team on this transaction. “The metro D.C. area is witnessing tremendous growth, and the multifamily market is reaping the benefits. As one of the nation’s strongest apartment markets, transactions year-to-date have hit an extremely high level,” said Melnick.
“The acquisition of Northampton provided a rare opportunity for Morgan Properties and DRA Advisors to acquire a well performing, value-add asset and capitalize on the market’s rental growth and demand for upgraded product,” added Cissel.
Northampton Apartments is located at 67 Harry S. Truman Drive on a 58.08-acre site. The property was constructed in two phases in 1977 and 1987. It features two clubhouses, a business center, fitness center/cardio theater, swimming pool, tennis courts, two playgrounds and parking for 1,120 vehicles. Units include private patios/balconies, walk-in closets, eat-in kitchens and laundry. It is five minutes from the Largo Town Center Metro Station.
About Equity ResidentialEquity Residential (EQR) is an S&P 500 company focused on the acquisition, development and management of high-quality apartment properties in top U.S. growth markets. Equity Residential owns or has investments in more than 400 properties in 13 states and the District of Columbia.
About Morgan PropertiesEstablished in 1985 by Mitchell L. Morgan, Morgan Properties is a real estate investment, development and management company headquartered in King of Prussia, PA. Morgan Properties owns and manages 115 apartment communities with over 30,000 units located in ten states throughout the country, primarily in the Mid-Atlantic and Northeast Region. Morgan Properties was also recognized as Maryland Multi-Housing Associations’ “Property Management Company of the Year” for the last two consecutive years based on its company vision, mission, marketing, maintenance programs, customer service philosophy, community service, employee training and commitment to education. Morgan has acquired over 2,000 units in the Maryland-DC Corridor over the last 12 months.
About DRA AdvisorsDRA Advisors is a New York-based registered investment advisor specializing in real estate investment and management services for institutional and private investors. Since 1986, DRA’s focus has been consistent: conservative, value-added real estate investment in the office, retail, multi-family and industrial sectors in various markets throughout the United States. DRA’s acquisitions since inception include over 1,000 properties valued at over $20 billion. DRA currently has over $10.5 billion in assets under management, including more than 145 apartment communities with over 43,000 units.
Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2012 alone, Jones Lang LaSalle Capital Markets completed $63 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $60 billion in global investment sales and buy-side transactions, equating to nearly $240 million of investment trades completed every working day around the globe. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.
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About Jones Lang LaSalleJones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $47.7 billion of real estate assets under management. For further information, visit www.jll.com.
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