BELTSVILLE, MD—Following its 2,700-unit portfolio acquisition in June, King of Prussia, PA-based Morgan Properties has picked up another apartment community in the Mid-Atlantic.

Morgan Properties and its equity partner Core Real Estate Capital, LLC have acquired Lighthouse at Twin Lakes here. Transwestern represented the seller, Hampshire Properties, in the sale. The price was not disclosed.

This is the third acquisition the two companies have jointly made in the state, The Morgan Properties-Core JV has also acquired Northwest Crossing, a 588-unit garden-style apartment community located in Randallstown and the Windsor Mill portfolio, a 500-unit portfolio in Windsor Mill.

This is a value-add repositioning play for Morgan Properties and Core, which are planning to invest $8.3 million, or $12,000 per unit, to renovate the property.

Jonathan Morgan, director of Acquisitions and Capital Markets at Morgan Properties, notes that Morgan Properties is in the process of assembling a significant portfolio in the Maryland-DC Corridor, with some 10,000 units now under its ownership.

"We look forward to continuing to expand our portfolio holdings in Maryland, where we have more than doubled our existing portfolio over the last two years and have acquired $400 million in 2014 alone," he says in a prepared statement.

Earlier this Summer, the company acquired a 2,700-unit multifamily portfolio in Maryland and Virginia for $309 million, in that case partnering with the Saudi Arabia-based Olayan Group for the transaction.