Morgan Properties Buys Ellicott City MF For $50M
Morgan Properties plans to spend $2 million renovating the property.
ELLICOTT CITY, MD–Morgan Properties, in partnership with Core Real Estate Partners, has acquired Orchard Meadows, a 240-unit apartment community here for $50 million. Morgan Properties is planning to spend an additional $2 million to renovate infill building as part of a value-add play.
This transaction follows an acquisition late last year of a four-asset, 2,729-unit apartment portfolio in Maryland for $277.5 million. That deal made Morgan Properties the largest owner of multifamily assets in the state of Maryland, Jonathan Morgan, president of Morgan Properties JV Management, told GlobeSt.com at the time.
The Orchard Meadows transaction marks the company’s seventh acquisition in the Mid-Atlantic with Core Real Estate Partners since 2012, Morgan said. The company has acquired over 20,000 units in the Maryland-D.C. Corridor over the last five years, he also noted.
Other recent acquisitions include the Mark Center Portfolio, which consists of 2,664 units in Alexandria, Virginia; and the Rolling Road Portfolio, 1,979 units in Baltimore.
Orchard Meadows was built in two phases with 96 units going up 1998 and 144 units in 2012.