By Joshua Ayers, Senior Editor
King of Prussia, Pa.—Morgan Properties and equity partner Core Real Estate Capital LLC has announced that a joint venture between the two has purchased the 700-unit community Lighthouse at Twin Lakes in Beltsville, Md. No price was disclosed for the transaction, but an $8.3 million value-add strategy is in place to update the 1969-built garden-style community. Transwestern represented the seller on the disposition.
The transaction marks the third such purchase that the Morgan-Core joint venture has closed on after acquiring a 588-unit community in Randallstown, Md., and a 500-unit community in Windsor Mill, Md. The partnership has acquired more than $180 million in multifamily properties in the Maryland-D.C. area since 2012.
“Lighthouse is an exciting acquisition for our organization,” says Mitchell Morgan, founder and CEO of Morgan Properties. “We look forward to cultivating our relationship with Core. After our successful acquisition and repositioning of Northwest Crossing and our recent acquisition of the Windsor Mill and Portfolio, we felt that Lighthouse was the perfect opportunity to continue to expand our market presence in Maryland. Lighthouse fits right in our wheelhouse. Given our local market knowledge and operational expertise, Morgan Properties is the right operator to efficiently manage and enhance the value of the property.”
Located along the I-95 corridor between the 495 Capital Beltway and the MD-200 Inter-County Connector, the midrise garden style community offers an assortment of amenities including a business center and Internet café, a fitness center, swimming pool, playground and dog park. Other community features include a small lake and a lighthouse.The full-service leasing center is located on-site. Floor plans range in size from studio to three-bedroom options and offer residents in-unit washer and dryers, individually controlled HVAC units, as well as large closets spaces.
Improvements, which will run about $12,000 per unit, will include upgrades to kitchens, bathrooms and the installation of washer and dryers.
“We are excited to collaborate with Core on the Lighthouse acquisition and continue to build momentum off of our successful repositioning of Northwest Crossing. Morgan Properties is currently one of the nation’s largest and fastest-growing multifamily owners and operators in the Maryland-D.C. Corridor, where we currently own and operate over 10,000 units. We look forward to continuing to expand our portfolio holdings in Maryland, where we have more than doubled our existing portfolio over the last two years and have acquired $400 million in 2014 alone.”