TOWSON, MD—Morgan Properties and DRA Advisors have acquired The Colony at Kenilworth, a 383-unit apartment community here. This is the third acquisition that the two companies have made together in the area. As for Morgan Properties specifically, though, The Colony represents just a tiny portion of its ever-widening footprint in the Mid-Atlantic.
The King of Prussia, PA-based company currently oversees a multifamily portfolio of 27 apartment communities consisting of over 11,000 units.
At the start of the year, the company acquired a garden-style multifamily property in Reisterstown for $77.2 million. Previous to that deal it partnered with equity provider Core Real Estate Capital to buy the Lighthouse at Twin Lakes in Beltsville, Northwest Crossing in Randallstown and the Windsor Mill portfolio, a 500-unit portfolio in Windsor Mill.
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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.
