TEMPLE HILLS, MD–Morgan Properties has acquired a four-asset, 2,729-unit apartment portfolio located in Maryland for $277.5 million from a JV between Rockpoint Group and Sawyer Realty Holdings, according to a public filing. It is the third major portfolio acquisition the King of Prussia, Pa.-based company has closed on this year, and makes it the largest owner of multifamily assets in the state of Maryland, Jonathan Morgan, president of Morgan Properties JV Management, tells GlobeSt.com.
The properties are the 474-unit Princeton Estates in Temple Hills; Carriage Hill, located in Randallstown, which has 806 units; 884-unit Glen Oaks in Woodlawn; and the 279-unit Charlesmont Apartments in Dundalk.
In August of this year Morgan Properties acquired the Mark Center portfolio for $509 million from the former JBG Cos., giving the company a sizeable footprint in the Northern Virginia market. Up until that deal the company had focused on the Maryland-DC Corridor, snapping up assets and portfolios over the years. The Mark Center was considered one of the largest institutionally-maintained contiguous portfolios in the country, consisting of 2,664 apartment units and a 63,320-square-foot retail center — The Shops at Mark Center — situated over 150 acres inside the Beltway.
In March, Morgan Properties acquired the six-asset Rolling Road portfolio from Harbor Group International for $247 million. It was a 1,979-unit portfolio located throughout Maryland.
The company has had a stellar year, Morgan says. “We have bought over 8,600 units for a total of $1.2 billion.”
Morgan credits the company’s achievements to its reputation for executing on a deal and its strong capital market relationships.
“Every deal we’ve been awarded we have closed,” he says. As for this latest deal, given our size and scale we can easily absorb a 2,729-unit portfolio without missing a beat.”