TODAY’S DEALS: Morgan Properties, DRA Acquire 526-Unit Apartment Community
Morgan Properties expands in Maryland; Walker & Dunlop finances 2,400 units in Tennessee; and Essex Realty brokers the $4.89 million sale of a courtyard building.
Laurel, Md.—Morgan Properties and equity partner DRA Advisors have acquired Park Laurel Apartments, a 526-unit community located in Laurel, Md. CBRE Group Inc. represented the sellers, Graycliff Partners and Dragone Management, in the transaction. The deal brings Morgan Properties’ portfolio to 106 communities with over 27,000 units.
“Park Laurel is an important acquisition for our company,” says Mitchell Morgan, founder and CEO of Morgan Properties. “It represents our second closing of the year for our partnership with DRA. Given our strong market presence in the Maryland-D.C. corridor, local market knowledge and operational expertise, Morgan Properties is the right operator to efficiently manage and enhance the value of the asset.”
The property was built in two phases in 1966 and 1971, and was partially renovated in 2008. Amenities include a swimming pool and two playground areas. Morgan and DRA have a value-add repositioning plan in the works that will address the property’s capital needs and complete a renovation program.
Walker & Dunlop finances 2,400 units in Tennessee
Nashville, Tenn.—Walker & Dunlop has completed a large financing in Tennessee that provides more than $117 million for 2,399 units in 11 cities across the The Volunteer State. The refinance, supplemental and construction loans were structured with HUD, Fannie Mae and Freddie Mac executions for affordable, assisted living, market rate and student housing properties.
Vice presidents Keith Melton and David Strange led Walker & Dunlop’s Nashville office, which structured financings for properties in Germantown, Hizon, Johnson City, Kingston, Lebanon, Nashville, Smyrna and Sweetwater. The three most recent loans were for The Summit at Nashville West, The Reserve and Alamaville Farms at Seven Oaks. Combined, they have more than $58 million in committed borrowing capacity available.
Essex Realty brokers $4.89M sale of courtyard building
Chicago—Essex Realty Group Inc. announced the sale of 3348 W. Wilson Ave., a fully renovated, brick, courtyard building located in the Albany Park neighborhood. The property is situated on the north side of Wilson Ave. in between Kimball and Kedzie Ave. and is conveniently located just steps to the Kedzie CTA Brown line station.
The building contains 33 renovated units all of which have been or are in the process of being upgraded to include granite counters, black appliances, new cabinets, central air, in-unit laundry and iron porches.
The Subject Property consists of the following unit mix: seven two bed/one bath, 22 two bed/two bath, one two bed/two bath (duplex), two three bed/two bath (duplex) and one three bed/2.1 bath (duplex).
Jim Darrow and Jordan Gottlieb of Essex represented the seller and Doug Imber and Kate Varde of Essex represented the buyer in the transaction. The price was approximately $4.89 million.