Joint Venture Acquires Baltimore Area 500-Unit Multifamily Portfolio
- Dec 13, 2013
Two weeks ago I wrote about two Howard County communities, totaling 348 units, which traded for almost $68 million. Now, two more garden-style apartment communities and a high-rise apartment building in the Greater Baltimore area are welcoming new owners.
The three properties are part of the Windsor Mill Portfolio. With a total of 500 units, the portfolio was acquired by Morgan Properties, based in King of Prussia, Pennsylvania, and its equity partner Core Properties, of Columbus, Ohio. Jones Lang LaSalle represented the seller. The price of the transaction was not disclosed.
The Windsor Mill Portfolio consists of townhomes, garden-style apartments and a high-rise residential building. The three properties are all located within a one-mile radius, just outside the Baltimore Beltway, in Windsor Mill. The two apartment communities were built in 1965 and 1972, while the apartment building was constructed in 1969. They offer easy access to highways and include such amenities as swimming pools and picnic areas. The spacious apartments feature walk-in closets, individually controlled HVAC units, and in-unit washers and dryers.
Mitchell Morgan, founder and CEO of Morgan Properties, said in a press release that “Windsor Mill is an exciting acquisition for our company. After the recent success of our acquisition and repositioning of Northwest Crossing with our partner Core Properties, we and Core felt that Windsor Mill was the perfect opportunity to continue to expand our market presence. Given our local market knowledge and operational expertise, Morgan Properties is the right operator to efficiently manage and enhance the value of the properties.”
The two companies plan to invest and upgrade the newly acquired properties. The Windsor Mill Portfolio is the joint venture’s second acquisition. Last year, it purchased Northwest Crossing, a 588-unit garden-style apartment community located in Randallstown, not too far from the Windsor Mill Portfolio. In May, Morgan Properties announced plans to implement a $10 million capital improvement program to reinvigorate Northwest Crossing.
Photo credits: Morgan Properties