WASHINGTON, DC--An affiliate of King of Prussia, Pa.-based Morgan Properties has completed some $500 million of apartment acquisitions this year, meeting its goal for 2016. Per its long-established fondness for Maryland's multifamily market, the bulk of its acquisitions this year have been in the state.
But that doesn't meant the company is out of the market for the next five months -- or for that matter limiting itself to Maryland and the Mid-Atlantic, Jonathan Morgan, president of the affiliate, Morgan Properties JV Management, told GlobeSt.com. "We are now in ten states and looking to expand our geographic footprint even further."
The $500 million Morgan Properties JV has spent translates into fourteen apartment communities consisting of more than 4,200 units. It acquired the majority of these properties through a portfolio acquisition, which it closed last month. The 11-asset, 2,826-unit Star Portfolio is located in Maryland, Pennsylvania, North Carolina and South Carolina. Specifically, it consists of two apartment communities in Raleigh, NC, three properties in Lexington and Rock Hill, SC and York, Pa., respectively, and seven assets in Maryland.
Deutsche Bank represented the seller and Berkadia represented Morgan Properties.
The company entered North Carolina for the first time with this acquisition, Morgan said.
In addition, Morgan Properties closed three other deals, all in Maryland. They are:
- Grand Pointe, a 325-unit apartment community in Columbia;
- Avery Park, a 606-unit apartment building in Silver Spring; and
- Henson Creek, a 450-unit multifamily property in Temple Hills.
A source tells GlobeSt.com that Henson Creek traded for $48.7 million or $108,278 per unit, and the seller was Lone Star Funds in Dallas. Chicago-based Laramar Group sold Avery Park and Apartment Investment and Management Co. in Denver is the seller of Grand Pointe.
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
WASHINGTON, DC--An affiliate of King of Prussia, Pa.-based Morgan Properties has completed some $500 million of apartment acquisitions this year, meeting its goal for 2016. Per its long-established fondness for Maryland's multifamily market, the bulk of its acquisitions this year have been in the state.
But that doesn't meant the company is out of the market for the next five months -- or for that matter limiting itself to Maryland and the Mid-Atlantic, Jonathan Morgan, president of the affiliate, Morgan Properties JV Management, told GlobeSt.com. "We are now in ten states and looking to expand our geographic footprint even further."
The $500 million Morgan Properties JV has spent translates into fourteen apartment communities consisting of more than 4,200 units. It acquired the majority of these properties through a portfolio acquisition, which it closed last month. The 11-asset, 2,826-unit Star Portfolio is located in Maryland, Pennsylvania, North Carolina and South Carolina. Specifically, it consists of two apartment communities in Raleigh, NC, three properties in Lexington and Rock Hill, SC and York, Pa., respectively, and seven assets in Maryland.
The company entered North Carolina for the first time with this acquisition, Morgan said.
In addition, Morgan Properties closed three other deals, all in Maryland. They are:
- Grand Pointe, a 325-unit apartment community in Columbia;
- Avery Park, a 606-unit apartment building in Silver Spring; and
- Henson Creek, a 450-unit multifamily property in Temple Hills.
A source tells GlobeSt.com that Henson Creek traded for $48.7 million or $108,278 per unit, and the seller was Lone Star Funds in Dallas. Chicago-based Laramar Group sold Avery Park and Apartment Investment and Management Co. in Denver is the seller of Grand Pointe.
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
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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.
