Morgan Properties, one of the country’s largest real estate investment and management companies, announced today that it has launched its $25 million transformation of a six-property portfolio consisting of 1,979 units in Windsor Mill, Maryland. Morgan Properties purchased the properties from Harbor Group International for $247 million this past February. The portfolio, referred to as Rolling Road, recently underwent a rebranding and property consolidation into three communities:
- The Townhomes at Diamond Ridge (formerly Stratton Meadows and Crosswinds at Rolling Road)
- The Glens at Diamond Ridge (formerly Glens at Rolling Road)
- The Apartments at Diamond Ridge (formerly Rolling Wind, Granite Run, and Diamond Ridge)
The property name changes are just the beginning of a plan to create a new identity for these assets, a new direction for the specific properties, and a new experience for the many residents who call them home. In addition to introducing a new property-level team, the company has also distributed surveys to existing residents to determine how to best provide them with a stronger sense of community and value. The responses indicated that improvements to the common area amenities, in-unit kitchen and bathroom upgrades, and the opportunity for community events are in high demand.
As a direct response, Morgan Properties has committed more than $25 million, or approximately $13,000 per apartment, to address deferred maintenance, common area improvements, and apartment upgrades over a five-year period, with most of the improvements scheduled to be completed in the first two years. Common area additions will include select amenities such as: dog parks, playgrounds, outdoor grilling areas, fire pits, putting greens, sport courts, outdoor fitness stations, and clubhouse upgrades.
“With every purchase, we make a long-term investment into the property, its residents, and the local area,” said Sean Organ, area vice president of Morgan Properties. “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 has continued to rapidly expand its geographic footprint, solidifying itself as one of the nation’s largest and fastest-growing multifamily owners and operators. In the last year alone, Morgan Properties JV has acquired over $800 million of multifamily investments, in 21 apartment communities containing over 6,300 units. The company intends to continue growth as a major national player through acquiring Class B, multifamily assets in infill, high-barrier markets where Morgan Properties’ operational expertise can quickly add value for its investors and residents.
Since its launch in 2011, Morgan Properties JV has been one of the most active investors in the Mid-Atlantic and Northeast regions and the company has hired 350+ employees to support the new acquisitions.
Those interested in learning more about Morgan Properties can visit www.morganproperties.com.
About Morgan Properties
Established in 1985 by Mitchell Morgan, Morgan Properties is a national real estate investment and management company headquartered in King of Prussia, Pennsylvania. Morgan Properties and its affiliate, Morgan Properties JV, own and manage a multifamily portfolio comprised of 139 apartment communities and over 37,000 units located in ten states, primarily in the Mid-Atlantic and Northeast Region. Morgan Properties is currently the 25th largest apartment owner in the country. The company prides itself on its agility, strong capital relationships, and operational expertise. Learn more at www.morganproperties.com.