TOWSON, MD—Morgan Properties and DRA Advisors have acquired The Colony at Kenilworth, a 383-unit apartment community here. This is the third acquisition that the two companies have made together in the area. As for Morgan Properties specifically, though, The Colony represents just a tiny portion of its ever-widening footprint in the Mid-Atlantic.
The King of Prussia, PA-based company currently oversees a multifamily portfolio of 27 apartment communities consisting of over 11,000 units.
At the start of the year, the company acquired a garden-style multifamily property in Reisterstown for $77.2 million. Previous to that deal it partnered with equity provider Core Real Estate Capital to buy the Lighthouse at Twin Lakes in Beltsville, Northwest Crossing in Randallstown and the Windsor Mill portfolio, a 500-unit portfolio in Windsor Mill.
Earlier in 2014, the company acquired a 2,700-unit multifamily portfolio in Maryland and Virginia for $309 million, in that case partnering with the Saudi Arabia-based Olayan Group for the transaction.
"The Colony is an acquisition we have been actively pursuing with DRA," Jonathan Morgan, president of Morgan Properties JV, said in a prepared statement.
"The property is well located in a highly desirable market near Towson University," he added.
The Colony is also close to Goucher College and the 1.1-million square foot Towson Town Center, which recently underwent a $76 million renovation. Also, Greenberg Gibbons Commercial Corp is completing a $20 million renovation of the Shops at Kenilworth in Towson, which is located down the street from The Colony.
Morgan and DRA plan to reposition the property by upgrading the unit interiors and improve common area amenities.
Morgan Properties was unable to return a call to GlobeSt.com in time for publication.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
