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Morgan Properties Doubles Down on Its Maryland Footprint

WASHINGTON, DC--The company has built up its Maryland portfolio from 4,000 units in 2010 to 16,000 units today.

By Erika Morphy | erikamorphy | | Updated on August 09, 2016
One of Morgan Properties' recent acquisitions. One of Morgan Properties’ recent acquisitions.

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.

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