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Morgan Properties Acquires Berkshire Mid-Atlantic Portfolio for $309 Million

Pennsylvania Firm Teams Up With The Olayan Group to Expand Portfolio by 2,700 Units
June 3, 2014
King of Prussia, PA-based Morgan Properties, in a joint venture with Saudi conglomerate The Olayan Group, significantly expanded its multifamily holdings in the Mid-Atlantic region with the acquisition of a 2,674-unit portfolio from Berkshire Property Advisors for $309 million.

The Mid-Atlantic portfolio consists of nine apartment communities - seven garden-style communities constructed between 1964 and 1972 and two-high-rise apartments constructed in 1964 and 1986 - situated within the Baltimore-Washington, D.C. metropolitan area and in Newport News, VA, a submarket of Hampton Roads.

One of the largest communities in the portfolio is Harbor Place, a 606-unit apartment complex constructed in 1974 in Fort Washington, MD, just south of downtown Washington, D.C. Renovated in 2000, the asset sits three blocks from the National Harbor, a 300-acre mixed-use waterfront development which recently made headlines after MGM Resorts International received approval to move forward with its plan to construct the one million-square-foot, $925 million MGM National Harbor casino, the sixth and final casino to be constructed in the State of Maryland.

Some of the other notable properties in the portfolio include the 656-unit Skylark Pointe Apts. in Baltimore, the 330-unit Briarwood Apts. in Laurel, MD, and the 260-unit Monarch Crossing Apts. in Newport News.

Morgan Properties intends to implement a capital improvement program aimed at increasing the value of its newly acquired portfolio, which will include 350 kitchen and bath renovations and 450 washer and dryer installations. Amenity upgrades will consist of renovating clubhouses, fitness centers, resident lounges and dog parks. The company will also add a number of Berkshire employees to its workforce.

This is the second time in the past year Morgan Properties and Berkshire have come together to close a deal, following the end of the year acquisition of the Windsor Mill Portfolio in greater Baltimore for approximately $45 million.

"Morgan Properties is one of the nation’s largest and fastest growing multifamily owners and operators," said Jonathan Morgan, director of acquisitions and capital markets at Morgan Properties. "Since 2011, we have closed over $800 million in new acquisitions comprised of over 7,000 units and have more than doubled our portfolio holdings in the Maryland-Washington, DC Corridor. The fundamentals are very strong in the multifamily industry. We look forward to continuing to grow our portfolio and are excited to collaborate with Olayan."

William Roohan of CBRE coordinated the disposition on behalf of the seller.

Please see CoStar Comp #3038759 for more information on the transaction.
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