Morgan Properties, in partnership with Core Real Estate Partners, has purchased the Orchard Meadows apartments in Ellicott City for $50 million.
The new owners intend to invest $2 million in upgrades to the 240-unit development at 3421 Sonia Trail. The apartments are about three miles north of the old Ellicott City downtown damaged in recent flooding.
“Orchard Meadows is an exciting acquisition for Morgan Properties. The property is our newest asset in Maryland and benefits from its infill location in the heart of Howard County,” Jonathan Morgan, president of Morgan Properties JV, said in a statement. “Our operations and facilities teams are well-positioned to add value and enhance the apartment community for the benefit of our residents.”
The property was built in two phases, with 96 units completed in 1998 and 144 units added in 2012. Planned upgrades to the buildings include kitchen renovations, improvement to the fitness center and a new green, outdoor gaming area with a dog park.
Morgan has purchased more than 20,000 apartments in the Maryland and Washington corridor since 2012. It’s the seventh property the company has acquired with Core Real Estate Partners in the mid-Atlantic. Morgan owns and manages 60 apartment developments in the Maryland and Washington area totaling 24,500 units.