KING OF PRUSSIA, Pa.--(BUSINESS WIRE)--Morgan Properties, a real estate investment and management company, announced today that it has acquired Orchard Meadows, a 240-unit apartment community in Ellicott City, Maryland, for $50 million. Morgan Properties partnered with Core Real Estate Partners. The property was built in two phases: 96 units in 1998 and 144 units in 2012. Eastdil Secured represented the seller. Morgan Properties plans to spend over $2 million on its value-add strategy for the property, which includes interior and exterior renovations as well as amenity upgrades to reposition the asset.
“Orchard Meadows is an exciting acquisition for Morgan Properties,” said Jonathan Morgan, president of Morgan Properties JV. “The property is our newest asset in Maryland and benefits from its infill location in the heart of Howard County. Our operations and facilities teams are well positioned to add value and enhance the apartment community for the benefit of our residents. This transaction marks our seventh acquisition in the Mid-Atlantic with Core Real Estate Partners since 2012. Morgan Properties has acquired over 20,000 units in the Maryland-D.C. Corridor over the last five years and is the largest owner in the state of Maryland.”
As part of its value-add repositioning strategy, Morgan Properties will complete premium kitchen renovations, enhance the fitness center, install new grilling areas and a fire pit, and refresh other common area amenities including the clubhouse, leasing office, and business center. In addition, as part of its signature amenity package, Morgan Properties will add a putting green and outdoor gaming area, a playground, exterior fitness stations, a dog park, and package rooms to enhance the resident experience.
Orchard Meadows provides convenient access to public transportation and major employment centers in the Baltimore area, including Johns Hopkins University. It also allows residents convenient access to Washington D.C. from major thoroughfares including Route 29, I-95, and Route 100. The apartment community features an attractive mix of one- and two-bedroom apartments, with larger units appealing to families. Orchard Meadows represents the newest asset in Morgan Properties’ Maryland portfolio.
Morgan Properties owns and manages 60 apartment communities comprised of over 24,500 units in the Maryland-D.C. Corridor. The company recently acquired the NOAH Portfolio, which spans the Maryland-D.C. Corridor with four apartment communities and 2,729 apartment units; the Mark Center Portfolio, which consists of 2,664 units in Alexandria, Virginia; and the Rolling Road Portfolio, 1,979 units in Baltimore.
About Morgan Properties
Established in 1985 by Mitchell Morgan, Morgan Properties is a national real estate investment and management company headquartered in King of Prussia, Pennsylvania. Morgan Properties and its affiliate, Morgan Properties JV own and manage a multifamily portfolio comprised of 150 apartment communities and over 45,000 units located in ten states, primarily in the Mid-Atlantic and Northeast Region. Morgan Properties is currently the 20th largest apartment owner in the country. The Company prides itself on its quick decision-making ability, strong capital relationships and operational expertise. Learn more at www.morganproperties.com.