REISTERSTOWN, MD—King of Prussia, PA-based Morgan Properties has acquired a garden-style multifamily property here for $77.2 million. The Preserve at Owings Crossing was sold by the Chicago-based Waterton Associates LLC and brokered by JLL's Christine Espenshade, Robert Garrish and Scott Melnick.
The Preserve at Owings Crossing consists of 791 units spread across 68 buildings and nearly 694,110 square feet. Originally built in 1965, it is one of metropolitan Baltimore's largest apartment complexes. Since 2006, it has undergone more than $5.6 million in capital improvements and there is room for additional value-add renovations.
Morgan Properties has been expanding its footprint in the Mid-Atlantic in general and the Baltimore area in particular in recent months. Partnering with equity provider Core Real Estate Capital, it has acquired the Lighthouse at Twin Lakes in Beltsville, Northwest Crossing in Randallstown and the Windsor Mill portfolio, a 500-unit portfolio in Windsor Mill.
Earlier in 2014, 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.
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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.
