KING OF PRUSSIA, PA - Morgan Properties and its equity partner Core Properties, LLC have acquired the Windsor Mill Portfolio, a 500-unit multifamily portfolio, comprised of two garden-style apartment communities and one high-rise apartment building located just outside the Baltimore Beltway in Windsor Mill, Maryland. The Windsor Mill Portfolio marks the fourth acquisition that Morgan Properties has closed this year and their second acquisition with Core Properties. The Morgan Properties-Core JV previously acquired Northwest Crossing, a 588-unit garden-style apartment community located in Randallstown, Maryland in close proximity to the Windsor Mill Portfolio. Jones Lang LaSalle represented the seller on the disposition.
Mitchell Morgan, Founder and CEO of Morgan Properties, said “Windsor Mill is an exciting acquisition for our company. After the recent success of our acquisition and repositioning of Northwest Crossing with our partner Core Properties, we and Core felt that Windsor Mill was the perfect opportunity to continue to expand our market presence. Given our local market knowledge and operational expertise, Morgan Properties is the right operator to efficiently manage and enhance the value of the properties.”
The Windsor Mill Portfolio is a three-property apartment portfolio ideally situated outside the Baltimore Beltway in Windsor Mill, Maryland. All of the properties are conveniently located within a one-mile radius and have easy access to nearby highways linking them to the robust employment base in the Baltimore-DC Corridor. In addition, within the submarket, a brand new 160,000 square foot Wal-Mart and 58,000 square foot Weis Markets supermarket have recently opened and the Social Security Administration is in the process of opening a 538,000 square foot newly constructed, built-to-suit facility. The Social Security Administration has announced that it will transfer 1,600 employees in 2014 from its downtown Baltimore office to its new offices in the submarket.
The Windsor Mill Portfolio offers an attractive mix of apartment communities for residents consisting of townhomes, garden-style apartments and a high-rise residential building. The portfolio consists of two garden-style apartment communities constructed in 1965 and 1972 and one high-rise apartment building built in 1969. The properties offer a comprehensive amenities package that features swimming pools and picnic areas for the residents. The apartments are spacious and have well designed floor plans that offer highly coveted in-unit features, such as individually-controlled HVAC units, in-unit washers and dryers in select units and generous walk-in closets. Morgan Properties and Core plan to execute a value-add repositioning strategy emphasizing interior unit upgrades as well as addressing the properties’ capital needs.
Jonathan Morgan, Director of Acquisitions and Capital Markets at Morgan Properties, said “We are excited to work with Core on the Windsor Mill Portfolio acquisition and continue to build momentum off of our successful repositioning of Northwest Crossing. Morgan Properties is currently one of the most active value-add buyers of Class B apartment communities in the Mid-Atlantic and Northeast Region. Morgan Properties continues to expand its portfolio holdings in Maryland, where it has acquired over 3,000 units during the last eighteen months. In 2013 alone, we closed over $300 Million of new acquisitions. We look forward to continuing to grow our portfolio and cultivating our JV partnership with Core."
Source: Morgan Properties / #Apartments #Multifamily