RANDALLSTOWN, MD-In other news from Morgan Properties, the company has just began a $10 million renovation of Northwest Apartments, a garden-style apartment community here. Morgan Properties purchased the apartment community last year together with private equity real estate firm Core Properties.
Formerly known as Garden View, Northwest Crossing Apartments features 588 one-, two-, and three-bedroom apartment homes. It is located directly across from Northwest Hospital, which invested in a $100 million renovation and expansion, as well as Wal-Mart, which is completing a $9 million development of a 160,000-square-foot Super Center.
Carol Jackson, Area Vice President of Morgan Properties, tells GlobeSt.com that rents will be increasing on the renovated units by $65 to $190 per month. "The planned capital improvements will generate an additional $71,000 per unit in value to the owners," she adds.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
