Morgan Properties’ shopping spree across the Baltimore-area continues, paying $50 million for a 240-unit apartment community in Ellicott City.
The sale of Orchard Meadows breaks down to $208,333 per unit.
Morgan Properties partnered with Core Real Estate Partners on the acquisition from New York real estate investment firm Azure Partners. The deal is the company’s seventh joint venture with Core Real Estate Partners in the mid-Atlantic.
Eastdil Secured represented the seller in the deal.
Morgan Properties, headquartered in King of Prussia, Pennsylvania, plans to spend more than $2 million on interior and exterior renovations as well as amenity upgrades to the Class B complex. The property, located near Routes 29 and 40, was built in two phases. The first 96 units were built in 1998 and 144 units in 2012.
Morgan Properties plans to upgrade kitchens, the fitness center, install new grilling areas and a fire pit, as well as add a putting green, outdoor gaming area and a playground.
The company has acquired more than 20,000 apartment units across the region over the last five years, spanning from the Baltimore suburbs to Southern Maryland. In all, Morgan Properties owns more than 24,500 units across 60 communities in the Maryland-D.C. corridor.
In December, the company paid $277.5 million for a four-property portfolio in Woodlawn, Randallstown, Dundalk and Temple Hills.
Largest Apartments Complexes in Greater Baltimore
Ranked by Number of units, according to Apartments.com, a subsidiary of CoStar Group Inc.
Rank Name Number of units, according to Apartments.com, a subsidiary of CoStar Group Inc. 1 Gardenvillage Apartments & Townhomes 1,398 2 The Forest 1,350 2 Howard Crossing Apartment Homes 1,350 View This List