WASHINGTON, DC–King of Prussia, Pa.-based Morgan Properties has scooped up another series of Maryland apartments. It has acquired the six-asset Rolling Road portfolio from Harbor Group International for $247 million.
The 1,979-unit portfolio consists of Crosswinds at Rolling Road, Diamond Ridge, Glens at Rolling Road, Granite Run, Rolling Wind, and Stratton Meadows.
The acquisition comes on the heels of five other recent transactions closed by Morgan Properties, bringing the company's total multifamily investment during the last year to over $800 million and 6,300 units.
“Our recent growth is attributable to our ability to deploy capital, gain scale and quickly leverage off our operational efficiencies to achieve high occupancy and resident satisfaction,” says Jonathan Morgan, president of Morgan Properties JV Management, in a prepared statement.
Morgan Properties will invest $60 million in renovations to reposition its recently acquired properties.
Recent deals it has closed in the Washington DC area include
- The Star Portfolio, a 2,826-unit apartment portfolio spanning Maryland, Pennsylvania, North Carolina, and South Carolina that traded for over $300 million last September;
- Avery Park, a 606-unit apartment community in Silver Spring:
- Grand Pointe, a 325-unit apartment community in Columbia;
- Henson Creek, a 450-unit apartment community located in Temple Hills.
A Game Plan for 2017
The company is still in acquisition mode, Morgan says , and plans to continue to focus on its sweet spot of class B properties in infill, high-barrier markets. Morgan Properties' special sauce, so to speak, is its operational expertise that allows it to quickly add value for investors, he said.
Morgan Properties intends to acquire $1 billion in real estate assets this year.
“We have the capital to move quickly to acquire sizable multifamily portfolios in major MSAs nationwide.”
WASHINGTON, DC–King of Prussia, Pa.-based Morgan Properties has scooped up another series of Maryland apartments. It has acquired the six-asset Rolling Road portfolio from Harbor Group International for $247 million.
The 1,979-unit portfolio consists of Crosswinds at Rolling Road, Diamond Ridge, Glens at Rolling Road, Granite Run, Rolling Wind, and Stratton Meadows.
The acquisition comes on the heels of five other recent transactions closed by Morgan Properties, bringing the company's total multifamily investment during the last year to over $800 million and 6,300 units.
“Our recent growth is attributable to our ability to deploy capital, gain scale and quickly leverage off our operational efficiencies to achieve high occupancy and resident satisfaction,” says Jonathan Morgan, president of Morgan Properties JV Management, in a prepared statement.
Morgan Properties will invest $60 million in renovations to reposition its recently acquired properties.
Recent deals it has closed in the Washington DC area include
- The Star Portfolio, a 2,826-unit apartment portfolio spanning Maryland, Pennsylvania, North Carolina, and South Carolina that traded for over $300 million last September;
- Avery Park, a 606-unit apartment community in Silver Spring:
- Grand Pointe, a 325-unit apartment community in Columbia;
- Henson Creek, a 450-unit apartment community located in Temple Hills.
A Game Plan for 2017
The company is still in acquisition mode, Morgan says , and plans to continue to focus on its sweet spot of class B properties in infill, high-barrier markets. Morgan Properties' special sauce, so to speak, is its operational expertise that allows it to quickly add value for investors, he said.
Morgan Properties intends to acquire $1 billion in real estate assets this year.
“We have the capital to move quickly to acquire sizable multifamily portfolios in major MSAs nationwide.”
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