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Large apartment complex in Laurel sold

A partnership of Morgan Properties, of King of Prussia, Pa., and New York-based DRA Advisors LLC has purchased Park Laurel Apartments, a 526-unit garden apartment development in Laurel, for an undisclosed price, from sellers Graycliff Partners of New York and Dragone Management of Laurel.

Park Laurel was originally built in two phases in 1966 and 1971, and was partially renovated in 2008.

The new owners said they intend to complete the renovations to increase the development’s value, but did not give details.

Morgan Properties currently owns and manages 106 apartment communities with over 27,000 units, including 18 such complexes with over 7,500 units in the Maryland-Washington corridor.