BET Investments has sold Marchwood, an apartment complex in Exton, for $82 million to King of Prussia-based Morgan Properties, writes Natalie Kostelni for the Philadelphia Business Journal.

The 504-unit, garden-style apartment community was developed in 1973. It has 40 two-story buildings on 44 acres and was 95 percent occupied at the time of the sale.

Jonathan Morgan, president of Morgan Properties, said the acquisition underscores the company’s bullish outlook on the multifamily market in suburban Philadelphia.

The real estate company has been increasing the number of its Philadelphia-area apartment acquisitions. Morgan Properties purchased seven apartment properties in Philadelphia’s suburbs earlier this year, for $890.5 million. Those transactions made the company one of the largest apartment owners in Pennsylvania.

A year prior, Morgan Properties bought Curren Terrace, a 318-unit apartment complex in Norristown, and Chesterfield apartments, a 247-unit community in Levittown, also from BET Investments, for $71 million.

The Marchwood acquisition “was a follow-on deal after we closed Curren Terrace and Chesterfield,” said Morgan.

Read more about the Marchwood sale in the Philadelphia Business Journal here.

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