Pennsylvania-based real estate investment and management firm Morgan Properties plans to invest $25 million in the Baltimore County multifamily developments it acquired in March for nearly $250 million.
The portfolio consists of 1,979 units in Windsor Mills. The company recently consolidated the developments from six into three projects and rebranded them. The properties are now known as The Townhomes at Diamond Ridge, The Glens at Diamond Ridge and The Apartments at Diamond Ridge.
“With every purchase, we make a long-term investment into the property, its residents, and the local area,” Sean Organ, area vice president of Morgan Properties, said in a statement. “It’s our hope that residents existing and new will ‘Experience More With Morgan,’ and we look forward to providing the value and amenities that will ensure great experiences for everyone who calls these apartment communities home.”
Morgan Properties purchased the developments from Harbor Group International for $247 million earlier this year. That purchase followed the company’s investment of $800 million in 6,300 units last year at properties in Silver Spring, Columbia and Temple Hills.
Upgrades at the Windsor Mill properties are part of Morgan Properties’ desire to cultivate a “new identity” for the properties, officials said. Many of the changes are being made as a result of responses to a survey submitted to tenants who indicated they wanted to create a stronger sense of community.
To facilitate those upgrades the company plans to build amenities, such as dog parks, playgrounds and outdoor grilling areas. Upgrades at the apartments will break down to roughly $13,000 a unit and will be completed during a five-year time frame, with most of the work expected to be finished in the next two years.
Organ, in a telephone interview on Monday, said the company believes the firm is ahead of competitors in terms of making investment in amenities at the Class B properties in Diamond Ridge. Despite most of the attention in the multifamily market being on city properties, Organ expressed confidence the Windsor Mill properties would continue to attract residents because of its access to both Baltimore and Washington.
The targeted tenant, Organ said, is generally someone who wants a lot of the amenities offered by newer complexes but appreciates the value offered by Morgan Properties’ holdings at Windsor Mill.
“There’s not a lot of other Class B properties offering that at this time,” Organ said.