WASHINGTON, DC–More details have emerged about the Star Portfolio transaction that we reported last month: namely that the 2,826-unit portfolio has traded for more than $300 million, according to Berkadia.
Berkadia helped negotiate the sale of the 2,826-unit portfolio, which King of Prussia, Pa.-based Morgan Properties acquired. The portfolio consists of 11 apartment communities located in Maryland, Pennsylvania, North Carolina and South Carolina. The purchase price for these assets was in excess of $300 million.
Berkadia's Senior Managing Directors Scott Melnick and David Oakley negotiated the transaction on behalf of the buyer, Morgan Properties JV, an affiliate of Morgan Properties. Deutsche Bank represented the seller. Berkadia was unable to return a call to GlobeSt.com in time for publication.
Morgan doubled down on its expanding footprint in Maryland with this deal as six of the 11 properties are located in the state. The acquisition of the Star Portfolio also was the company's first deal in North Carolina.
The six suburban Maryland apartment communities include Silver Spring Station, Westerlee, The Willows, St. Mary's, Taylor Park and Willowood; in Pennsylvania, The Greens at Westgate; in South Carolina, The Waterway and Forest Oaks; and in Raleigh, North Carolina, Falls Creek and Heather Park.
WASHINGTON, DC–More details have emerged about the Star Portfolio transaction that we reported last month: namely that the 2,826-unit portfolio has traded for more than $300 million, according to Berkadia.
Berkadia helped negotiate the sale of the 2,826-unit portfolio, which King of Prussia, Pa.-based Morgan Properties acquired. The portfolio consists of 11 apartment communities located in Maryland, Pennsylvania, North Carolina and South Carolina. The purchase price for these assets was in excess of $300 million.
Berkadia's Senior Managing Directors Scott Melnick and David Oakley negotiated the transaction on behalf of the buyer, Morgan Properties JV, an affiliate of Morgan Properties.
Morgan doubled down on its expanding footprint in Maryland with this deal as six of the 11 properties are located in the state. The acquisition of the Star Portfolio also was the company's first deal in North Carolina.
The six suburban Maryland apartment communities include Silver Spring Station, Westerlee, The Willows, St. Mary's, Taylor Park and Willowood; in Pennsylvania, The Greens at Westgate; in South Carolina, The Waterway and Forest Oaks; and in Raleigh, North Carolina, Falls Creek and Heather Park.
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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.
