KING OF PRUSSIA, PA - Morgan Properties and its equity partner, New York-based DRA Advisors LLC have acquired Parke Laurel Apartments, a 526-unit multifamily apartment community located in Laurel, Maryland. CBRE represented the sellers, Graycliff Partners and Dragone Management, on the disposition. Morgan Properties is considered one of the nation’s largest and fastest-growing multifamily owners and operators. They currently own and manage 106 apartment communities with over 27,000 units, which encompass 18 apartment communities with over 7,500 units in the Maryland-Washington, DC Corridor.
Mitchell Morgan, Founder and CEO of Morgan Properties, said, “Parke Laurel is an important acquisition for our company. It represents our second closing of the year for our partnership with DRA. Given our strong market presence in the Maryland-DC Corridor, local market knowledge and operational expertise, Morgan Properties is the right operator to efficiently manage and enhance the value of the asset. We are excited to collaborate with DRA and our team is looking forward to owning the asset and executing our business plan.”
Parke Laurel Apartments is a high quality 526-unit garden apartment community located in Laurel, Maryland. Originally built in two phases in 1966 and 1971 and partially renovated in 2008, Parke Laurel offers attractive in-unit features, such as individually-controlled HVAC units, in-unit washers and dryers and fully renovated kitchens. Parke Laurel offers spacious one-, two- and three-bedroom units with open-concept kitchens featuring black-on-black appliances and modern maple wood cabinetry, oversized windows and patios/ balconies. The property has been well-maintained and is conveniently located near the US Route One Corridor with direct access to the robust employment base of Prince George’s County and downtown Washington, D.C. Parke Laurel is well-positioned for low vacancy and steady rent increases. Over 20,000 high-tech and defense jobs flocking to Fort Meade will add to steady employment growth in the Laurel area, providing an influx of new renters.
Parke Laurel Apartments also offers residents one of the most comprehensive amenity packages in the Laurel submarket with a large swimming pool and two playground areas. Additionally, the community’s well-designed floor plans offer spacious apartments and variety of features. Morgan and DRA plan to execute a value-add repositioning strategy that will address the property’s capital needs and complete a renovation program to further enhance the value of the asset.
Jonathan Morgan, Director of Acquisitions and Capital Markets at Morgan Properties, said, “We are thrilled to work with DRA on our recent acquisition of Parke Laurel Apartments. Over the last 18 months, Morgan Properties has closed seven deals to acquire close to 4,000 units, of which approximately 2,500 units are located in Suburban Maryland. We continue to stay focused on growing our operations in the Maryland-DC Corridor and believe that Class B apartments in infill, high-barrier markets offer the most attractive buying opportunity in the market today. We look forward to continuing to cultivate our relationship with DRA.”