Morgan Properties purchased a portfolio of suburban Maryland properties for $277.5 million.
The company has acquired the four-property NOAH portfolio that consists of 2,729 units from Rockpoint Group. Morgan Properties achieved its goal of purchasing more than $1 billion in assets in 2017.
“Morgan Properties’ growth has been tremendous this year. We have closed five transactions in four states with three capital partners. Our company is uniquely positioned to scale our platform and leverage off our strong capital relationships. Our operations and facilities teams excel at implementing our value-add repositioning strategies and generating operational efficiencies. We have emerged as a major player in the multifamily industry. Morgan Properties prides itself on not only getting bigger, but also getting better as we continue to grow our business,” Jonathan Morgan, president of Morgan Properties JV, said in a statement.
In the past five years Morgan Properties holdings in the Washington areas have increased from 4,300 units to 24,000 units. The company targets Class B multifamily projects in high barrier markets like the D.C. area.
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