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Largo apartment complex changes hands

Morgan Properties, a King of Prussia, Pa.-based real estate development, investment and management company, said it has formed a joint venture with DRA Advisors, a New York-based registered investment advisor specializing in real estate investment and management services, to acquire Northampton Apartments, a 620-unit garden apartment development in Largo.

Jones Lang LaSalle represented the seller, Chicago-based Equity Residential, on the disposition of the property.

The purchase price was not disclosed.

Morgan Properties currently oversees a multifamily portfolio of 17 apartment communities with over 7,000 units in the Maryland-Washington, D.C. corridor, 2,000 of them acquired in the past 12 months.