March 16, 2017
Morgan Properties struck a deal with Harbor Group International to acquire a six-property, 1,979-unit portfolio for $247 million. Dubbed the Rolling Road Portfolio, the apartment complexes are in Windsor Mill, MD.
- The 803-Unit Crosswinds at Rolling Road
- The 92-Unit Diamond Ridge
- The 270-Unit Glens at Rolling Road
- The 264-Unit Granite Run
- The 280-Unit Rolling Winds
- The 270-Unit Stratton Meadows
The transaction with Harbor Group comes on the heels of other transactions that brought 6,300 units into Morgan Properties’ portfolio, bringing its total multifamily investment to more than $800 million during the past year.
Morgan Properties’ target is class B multifamily assets in infill, high-barrier-to-entry markets, that can be improved through quality operations management. “We have the capital to move quickly, to acquire sizable multifamily portfolios in major MSAs nationwide,” said Jonathan Morgan, the company president. Morgan Properties’ goal is to acquire $1 billion in real estate assets in 2017.
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