Morgan Properties, based in King of Prussia, Pa., has picked up a six building, 1,979 unit multi-family portfolio in Baltimore County, Md. The properties included in the sale are the Crosswinds at Rolling Road, Diamond Ridge, The Glens at Rolling Road, Granite Run, Rolling Wind and Stratton Meadows, all located in Baltimore’s Milford Mill submarket. Jones Lang LaSalle Capital Markets team represented the seller, while Harbor Group International provided Morgan Properties with $207.5 million in permanent acquisition financing.
JLL Capital Markets managing director Christine Espenshade said that some investors have been concerned about interest rates and loan terms, “but the selected buyer was able to work with our financing team to secure attractive debt terms through Freddie Mac. We worked hand in hand with the buyer and Freddie Mac to focus on the strength of the market, the quality of the assets and value-add potential to maximize loan proceeds and lead to a successful closing.”
