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Morgan Properties acquires apartment portfolio for $278m

by Jody Barhanovich

Morgan Properties, a real estate investment and management company, has acquired a portfolio of four apartment properties in Maryland for $277.5 million.

The four properties total 2,729 units. They include the 806-unit Carriage Hill in Randallstown, the 474-unit Princeton Estates in Temple Hills, the 279-unit Charlesmont Apartments in Dundalk and the 884-unit Glen Oaks in Woodlawn.

The seller was a joint venture between Rockpoint Group and Sawyer Realty Holdings.

The deal follows Morgan Properties’ recent acquisition of a 2,664-unit portfolio in Alexandria, Va., for approximately $509 million in August. The seller was JBG Cos.

Morgan Properties owns and manages 150 apartment communities with more than 44,600 units in Pennsylvania, Delaware, New Jersey, New York, Ohio, Maryland, North Carolina, South Carolina, Virginia and Nebraska.

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