By Beata Lorincz
Morgan Properties has acquired a $277.5 million, four-property multifamily portfolio comprising 2,729 units, located in the Baltimore-Washington metro area. The asset was marketed under the name NOAH Portfolio and was sold by Rockpoint Group.
The portfolio consists of Carriage Hill, Charlesmont, Gwynn Oaks, and Princeton Estates. The properties include red brick buildings constructed between 1933 and 1972.
According to Yardi Matrix data, Carriage Hill is located in Randallstown, Md., northwest of downtown Baltimore and comprises 806 units. Charlesmont, the oldest of the four, is a 565-unit community in Dundalk, Md., positioned east of Baltimore and in close proximity to Charlesmont Park and Bear Creek. Gwynn Oaks includes 885 apartments and has a 96 percent occupancy rate, while Princeton Estates is located in Temple Hills, Md., and is the smallest of the assets, featuring 475 units.
The acquisition of the NOAH portfolio brings Morgan Company’s total multifamily investments during 2017 to $1.2 billion and more than 8,600 units. The company was established in 1985 by Mitch Morgan and Construction Consultants colleague Richard Haydinger under the initial name First Montgomery Properties.
Image courtesy of Yardi Matrix