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Philadelphia-based Morgan Properties is continuing to grow its portfolio of D.C.-area apartment communities with a four-property Maryland deal.
The investor acquired four communities totaling 2,729 units from a JV of Rockpoint Group and Sawyer Realty Holdings for $277.5M, GlobeSt reports.
The Maryland portfolio is spread throughout the D.C. and Baltimore region. It includes the 474-unit Princeton Estates in Temple Hills, the 806-unit Carriage Hill in Randallstown, the 884-unit Glen Oaks in Woodlawn and the 279-unit Charlesmont Apartments in Dundalk.
The deal follows Morgan's August acquisition of the 2,664-unit Mark Center portfolio in Alexandria from JBG. Earlier this year, it acquired another six-asset, 1,979-unit Maryland portfolio from Harbor Group International.
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Morgan Properties now has more than 26,000 units in its D.C., Maryland and Virginia portfolio, compared to roughly 4,000 units in 2012. The investor has deployed a strategy of acquiring large Class-B portfolios where it can renovate and increase rents, but keep them much more affordable than newer Class-A product.
"What we see in the B space right now, in workforce housing, you have this captive audience," Morgan Properties President Jonathan Morgan said Tuesday at Bisnow's BMAC East event. "There’s a lot of pent-up demand. In a good economy, when the market improves, you’re going to see the Class-C resident base will upgrade to the B space. And in a downturn, you’re going to see the A resident move down to B."
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