WASHINGTON, DC – Holliday Fenoglio Fowler, L.P. (HFF) announces the $62.3 million sale of Bennington Crossings, a 308-unit, garden-style multi-housing community in Alexandria, Virginia.
The HFF team marketed the property exclusively on behalf of the seller, JBG SMITH, and procured the buyer, Morgan Properties.
Bennington Crossings is situated on 13.1 acres at 441 N. Armistead Street inside the Capital Beltway (Interstate 495) and just off Interstate 395. Positioned two miles north of the Van Dorn Metrorail station, the property is highly accessible to major employment centers at Mark Center, Arlington, Tysons and Washington, D.C. as well as countless dining, entertainment and recreation attractions in the D.C. Metro, including Old Town Alexandria, Shirlington, the Rosslyn-Ballston Corridor, Crystal City and Pentagon City. The property consists of 22 three- and four-story residential buildings containing a mix of one-, two- and three-bedroom units averaging 943 square feet. Community amenities include a swimming pool with sundeck, playground, fitness center and an on-site DASH bus stop.
The HFF team representing the seller included Walter Coker and Brian Crivella.
“Given the tremendous activity in the Alexandria submarket and Northern Virginia, Bennington Crossings presented an ideal value-add opportunity for the buyer,” Coker said.
About JBG SMITH: JBG SMITH is an S&P 400 company that owns, operates, invests in and develops assets concentrated in leading urban infill submarkets in and around Washington, D.C. The company’s mixed-use operating portfolio comprises approximately 20 million square feet of high-quality office, multifamily and retail assets, 98 percent of which are Metrorail-served. With a focus on placemaking, the company drives synergies across the portfolio and creates amenity-rich, walkable neighborhoods. JBG SMITH’s future development pipeline includes over 17.2 million square feet of potential development density. Please visit jbgsmith.com
About Morgan Properties: Established in 1985 by Mitchell Morgan, Morgan Properties is a national real estate investment and management company headquartered in King of Prussia, Pennsylvania. Morgan Properties and its affiliate, Morgan Properties JV, own and manage a multifamily portfolio comprised of 150 apartment communities and over 45,000 units located in 10 states, primarily in the Mid-Atlantic and Northeast region. Morgan Properties is currently the 20th largest apartment owner in the country. The company prides itself on its quick decision-making ability, strong capital relationships and operational expertise. Learn more at morganproperties.com
About HFF: HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF