Morgan Properties, of King of Prussia, Pa., a real estate investment, development and management company, and Dune Real Estate Partners LP, of New York, have formed a joint venture partnership to acquire Chesapeake Glen, a 796-unit multifamily apartment community in Glen Burnie.
The seller was Chicago-based Equity Residential. Terms of the transaction were not disclosed. The garden apartment complex, originally built by the Artery Group in phases in 1973 and 1977, has twice renovated its interior spaces. The new owners said they plan “to address [the development’s] capital needs and complete interior unit renovations,” but gave no details.