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Morgan Properties, a Pennsylvania-based real estate investment and management company, has purchased six apartment buildings in Windsor Mill for $247M from Baltimore's Harbor Group International.
Totaling nearly 2,000 units, the properties are collectively referred to as the Rolling Road Portfolio. The properties that traded hands are Crosswinds at Rolling Road, Diamond Ridge, Glens at Rolling Road, Granite Run, Rolling Wind and Stratton Meadows.
It also recently acquired apartment communities in New Jersey, Pennsylvania, North Carolina and South Carolina. Its other Maryland acquisitions include the 606-unit Avery Park in Silver Spring, the 325-unit Grand Pointe in Columbia and the 450-unit Henson Creek in Temple Hills.
Morgan Properties' acquisition brings its total multifamily investment within the last year to more than $800M and 6,300 units. Morgan Properties said it will purchase a total of $1B in real estate assets this year and invest $60M to renovate newly acquired properties with kitchen and bath upgrades, dog parks and fitness centers. It plans to acquire Class-B properties in major metropolitan markets.
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