Morgan Properties in a joint venture with Core Real Estate Partners acquired Orchard Meadows, a 240-unit multifamily property in Ellicott City, Maryland, for $50m. The project went up in two phases, the first 96 units in 1998 followed by 144 units in 2012. The new owners are planning to invest more than $2m in interior and exterior upgrades to help reposition the community. At the time of the sale the complex was 94 percent leased.
“This transaction marks our seventh acquisition in the Mid-Atlantic with Core Real Estate Partners since 2012,” said Jonathan Morgan, president of Morgan Properties. “Morgan Properties has acquired over 20,000 units in the Maryland-D.C. corridor over the last five years and is the largest owner in the state of Maryland.”
