Morgan Properties Bags Bennington Crossings in Virginia for $62M

Bennington Crossings, a 308-unit, garden-style multi-housing community in Alexandria, VA, has traded hands for $62.3 million. King of Prussia, PA-based Morgan Properties acquired the asset from Chevy Chase, MD-based JBG Smith.

The property is situated on 13.1 acres at 441 N. Armistead St. inside the Capital Beltway (Interstate 495) and just off Interstate 395. The property consists of 22 three-and four-story residential buildings containing a mix of one, two and three-bedroom units.

HFF’s Walter Coker and Brian Crivella marketed the property on behalf of the seller, and procured the buyer. Berkadia’s Jim Badolato and Mike McKee structured $47.9 million in Freddie Mac financing on behalf of Morgan Properties. The 10-year loan carries a 4.12% fixed interest rate.

HFF’s Coker says, “Given the tremendous activity in the Alexandria submarket and Northern Virginia, Bennington Crossings presented an ideal value-add opportunity for the buyer.”

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

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Morgan Properties Bags Bennington Crossings in Virginia for $62M

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Morgan Properties Bags Bennington Crossings in Virginia for $62M

Inside The Story

About Dennis Kaiser