KING OF PRUSSIA, PA - Morgan Properties, together with its partner Core Properties, LLC, announced that it completed the acquisition of the 588 unit Garden View Apartments located in Randallstown, Maryland. Garden View Apartments is a garden style apartment community located in Northwest Baltimore County. Morgan Properties acquired the property for $27.4 million, or approximately $46,000 per unit.
The community is located in the “Liberty Road Corridor” on the western edge of the county, outside of the 695 beltway in Randallstown, Maryland with great access to public transportation. The location benefits from its proximity to the major employment base inside the city line of Baltimore as well as corporate office parks located in Owings Mills and the Security Boulevard corridor. Major employers include Northwest Hospital Center, Social Security, T. Rowe Price and multiple government, retail and restaurant establishments. The surrounding neighborhood includes Northwest Hospital Center, which recently invested over $100 Million into a major renovation and expansion, and Wal-Mart is currently completing a $9 Million development of a 160,000 square foot Super Center located across the street from the community. Garden View residents enjoy amenities at the community including a summer swim club, picnic and grilling areas, resident fitness center, children’s playgrounds, pet friendly exercise areas, expansive patios and balconies and some in-unit washers and dryers.
“The purchase of Garden View Apartments is a natural fit with our current portfolio of 15 communities, comprised of over 5,000 apartment homes located in Baltimore/Washington D.C. corridor,” said Mitchell Morgan, Founder, President and Chief Executive Officer. “We expect to invest significant capital to upgrade individual units, correct deferred maintenance, enhance curb appeal and upgrade kitchens and bathrooms to completely reposition the property while enhancing our residents’ quality of life,” said Morgan. “We are very excited about the purchase of the Garden View Apartments, which marks our fourth acquisition in 2012; in total we have added 2,000 units to our portfolio thus far this year.”
M&T Bank provided senior acquisition and construction debt financing out of its Philadelphia office and Blank Rome, LLP provided legal advice to the joint venture on the acquisition and the financing.
Established in 1985 by Mitchell L. Morgan, Morgan Properties is a real estate investment, development and management company. Morgan Properties owns and manages 120 apartment communities with over 30,000 units in ten states throughout the Northeast and Mid-Atlantic region. Morgan Properties primarily targets new acquisitions of Class B assets in its core geographic market, which is the corridor between Washington, DC and New York City.
Core Properties LLC is a Columbus, Ohio based real estate private equity firm founded in 2001 to provide joint venture equity to top tier operators and developers throughout the U.S. Core has approximately $400 million of assets under management in the multifamily, student housing, medical office, and hotel sectors.