King of Prussia’s Morgan Properties has purchased a multifamily portfolio in Virginia for $509 million, bringing its total number of apartments to 40,000, writes Natalie Kostelni for Philadelphia Business Journal.

The Mark Center portfolio in Alexandria is one of the biggest institutionally-maintained portfolios in the nation. It includes 2,664 apartments with a 63,320-square-foot retail center spread over 150 acres.

The portfolio, which was bought from JBG, is the second largest purchase ever made by the Montgomery County real estate investment trust company.

It is also the biggest real estate transaction in Virginia so far this year.

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Over the last five years, Morgan Properties has spent nearly $2.5 billion purchasing 20,000 apartment units and expanding its presence on the Maryland-Washington D.C. Corridor.

The company has now spent $800 million on Class B apartments this year, solidifying its position as the largest Class B apartment owner around the Capital Beltway.

It plans spend another $1 billion on acquisitions by year end.

“We’ve been targeting Alexandria and looking for the right acquisition for a while to make a splash,” said Jonathan Morgan, president of Morgan Properties. “This is prime real estate in the heart of Alexandria.”

Read more about Morgan Properties’ latest acquisition at Philadelphia Business Journal by clicking here.

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