Morgan Properties buys another Maryland apartment complex

Morgan Properties buys Orchard Meadows in Ellicott City (Morgan Properties)

Morgan Properties, the Pennsylvania–based real estate investment and management company, continues to add to its portfolio of apartment complexes with its $50 million purchase of Orchard Meadows in Ellicott City.

The firm bought the 240-unit community in Ellicott City from Azure Partners LLC and plans $2 million in interior and exterior renovations. It plans to upgrade kitchens and add a putting green, playground and dog park, among other upgrades.

Morgan Properties, based in King of Prussia, is one of the nation’s and Maryland’s largest apartment owners. It has a portfolio comprised of 150 complexes with more than 45,000 units primarily in the Mid-Atlantic region, including 60 complexes in the Maryland-Washington corridor.

Morgan partnered with Core Real Estate Partners on the latest purchase.

meredith.cohn@baltsun.com

Source Article