Morgan Properties has paid $277.5 million for a four-property portfolio consisting of 2,729 units located in the suburban Maryland-D.C. Corridor from Rockpoint Group. The properties acquired in the “NOAH Portfolio” include Carriage Hill, Charlesmont, Gwynn Oaks, and Princeton Estates. The firm paid an average price of just over $101,685 per unit. Over the last five years, Morgan Properties’ portfolio holdings in the Maryland-D.C. corridor have grown from 4,300 units to 24,000, making it the largest multifamily owner/operator in the state of Maryland. The purchase brings Morgan Properties total multifamily investments during 2017 to $1.2 billion with 18 apartment communities bought totaling over 8,600 units.
“We want to remain quick and nimble as we continue to grow our investment portfolio. While we run our business with the infrastructure, systems, and sophistication of a REIT, we also pride ourselves on our entrepreneurial spirit. Whenever we buy an apartment community we always need to know the assets better than the sellers to add value,” said Jason Morgan, Senior Vice President of Acquisitions and Capital Markets.
