KING OF PRUSSIA, PA - Morgan Properties, a real estate investment and management company, announced that it has acquired a $247 million, six property portfolio consisting of 1,979 units located in Windsor Mill, Maryland from Harbor Group International. The acquisition, called the Rolling Road Portfolio, includes Crosswinds at Rolling Road, Diamond Ridge, Glens at Rolling Road, Granite Run, Rolling Wind, and Stratton Meadows.
The acquisition comes on the heels of five other recent transactions closed by Morgan Properties. This brings the company’s total multifamily investment during the last year to over $800 million and 6,300 units.
Morgan Properties’ other recent transactions include:
Bishop’s View, a 200-unit apartment community located in Cherry Hill, New Jersey
The Star Portfolio, a 2,826-unit apartment portfolio spanning Maryland, Pennsylvania, North Carolina, and South Carolina
Avery Park, a 606-unit apartment community located in Silver Spring, Maryland
Grand Pointe, a 325-unit apartment community located in Columbia, Maryland
Henson Creek, a 450-unit apartment community located in Temple Hills, Maryland
Morgan Properties has acquired 21 apartment communities and 6,300 units this year and has closed on all the deals it has been awarded. To support these assets, the company has hired 140 new employees.
“Morgan Properties is one of the nation’s largest and fastest growing multifamily owners and operators. Our recent growth is attributable to our ability to deploy capital, gain scale and quickly leverage off our operational efficiencies to achieve high occupancy and resident satisfaction,” says Jonathan Morgan, President of Morgan Properties JV Management.
Since its inception in 2011, Morgan Properties JV has been one of the most active investors in the Mid-Atlantic and Northeast Region, and has acquired more than $2 billion of multifamily investments and 17,000 units. The Company has a proven track record of creating value for its equity investors through value-add repositioning, rehabilitation, and professional management expertise.
Morgan adds, “We intend to continue growing by acquiring class B, multifamily assets in infill, high-barrier markets where our operational expertise can quickly add value for our investors and residents. We have the capital to move quickly to acquire sizable multifamily portfolios in major MSAs nationwide.”
Morgan Properties intends to acquire $1 billion in real estate assets in 2017. The Company will invest $60 million in value-add renovations to reposition recently acquired properties. Amenities will include premium kitchen and bath upgrades, as well as the addition of fitness centers, resident lounges, dog parks, playgrounds, grilling areas, and exterior fitness stations.