Nearly 2,700 low-cost apartments in a Virginia suburb of Washington have been sold to a new owner.
JBG Cos. sold a 150-acre property that includes 2,664 apartments and a shopping center in Alexandria's West End neighborhood to Pennsylvania-based Morgan Properties for $509 million last week. Alexandria City Manager Mark Jinks says city officials will meet with Morgan Properties representatives this month to discuss the company's plans for the property,The Washington Post reports.
The Alexandria City Council reached an agreement with area property owners in 2013 that would allow them to nearly triple apartment density and guarantee only 800 affordable units.
Morgan Properties President Jonathan Morgan says his firm has bought complexes to operate, not redevelop, in the past, but cited the agreement to increase housing density as a big draw.