Real Estate Business Online's Nellie Day reports on Morgan Properties' acquisition of an 11-property portfolio spanning Maryland, Pennsylvania, and the Carolinas, for $316 million.
The company said it plans a multimillion-dollar value-add play at each property in the 2,286-unit deal, including kitchen, bath, and amenity upgrades.
The transaction includes the Greens at Westgate in Pennsylvania; the Waterway and Forest Oaks in South Carolina; Falls Creek and Heather Park in North Carolina; and Silver Spring Station, Westerlee, the Willows, St. Mary’s, Taylor Park, and Willowood in Maryland.
The assets have an average age of 29 years. All the properties are situated in high-barrier submarkets close to major development hubs and public transit.