Morgan, DRA Buy 620-Unit Northampton Apartments in Largo, Md.
- Jun 17, 2013
The 620-unit Northampton Apartments in Largo, Md., located roughly 15 miles outside of Washington, D.C., has come under new ownership. Acting in a partnership, Morgan Properties and DRA Advisors acquired the multi-family property from Equity Residential for approximately $94.7 million
It’s the rare multi-family investor that does not want a piece of the metropolitan Washington, D.C., apartment market. “There is a dramatic lack of available product to acquire compared to the significant amount of capital that is focused on buying in the D.C. metro area,” Scott Melnick, a managing director with JLL, told Commercial Property Executive.
Northampton is a big piece. Occupying 50 acres at 67 Harry S. Truman Dr., the property consists of 47 structures that sprouted up in a two-part process. The first phase of the apartment community opened in 1977 and the second phase debuted10 years later. Today the property is in a prime position to capitalize on the strong demand for rentals in the area–a demand to which there appears to be no end in sight.
“There is a strong influx of young professionals that want to live in D.C. Metro, and the supply of new rental deliveries in the area will actually start decreasing due to condo switches,” Melnick said.
On a more local level, Northampton has even more advantages, given that, as Melnick noted, it sits in a submarket that has minimal new supply on the horizon.