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Meridian Group Sells Rockville Apartments For $42M

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The courtyard in The Morgan apartment community at 12000 Chase Crossing Circle in Rockville
The courtyard in The Morgan apartment community at 12000 Chase Crossing Circle in Rockville

The Meridian Group has sold a Rockville apartment community it bought in a 2013 foreclosure auction. 

The firm last month sold The Morgan, a 127-unit apartment community at 12000 Chase Crossing Circle, for $41.8M, to Morgan Exchange LLC, a Colorado-based entity registered managed by Heidi Elliott, property records show. 

The garden-style apartment community sits just off Rockville Pike, less than a half-mile north of the Pike & Rose mixed-use development. It consists entirely of two-bedroom units ranging from 845 SF to 1,435 SF. 

Meridian acquired the property at a foreclosure auction in 2013 for $36M with a plan to upgrade unit finishes as they rolled over. The developer has several additional properties in the Rockville area, including the Rockville Corporate Center, the CRI building and the Shady Grove Executive Center. 

The Meridian Group also recently delivered The Boro, a 15-acre project in Tysons. Wednesday evening, The Meridian Group principals Gary Block, David Cheek and Bruce Lane received the Extraordinary Achievement Award at Newmark Knight Frank's annual Benchmarks event.