JV Buys 383-Unit Towson Apartment Community for $44.2M
- Apr 23, 2015
Morgan Properties has made another large multifamily purchase in the Greater Baltimore area. In a joint venture with DRA Advisors LLC of New York, the King of Prussia-based company has now acquired The Colony at Kenilworth, an apartment community located in Towson.
The purchase price was not disclosed. However, according to documents filed with the Securities and Exchange Commission, National Property Investors 6, a California limited partnership, sold the property to the joint venture for a total price of $44.2 million. Jones Lang LaSalle represented the seller in the transaction.
The Colony was constructed in 1967. It is located at 1 Bonrock Court, close to numerous attractions, such as Towson University, the 1.1-million square foot Towson Town Center and the Shops at Kenilworth, which is currently undergoing a $20 million renovation. The property offers 383 one-, two- and three-bedroom garden style apartments and townhomes, as well as a fitness center, a swimming pool and other amenities.
The Colony is the third acquisition made by the Morgan-DRA joint venture in the area. Now, the new owners plan to start work on a renovation project for the property, to upgrade unit interiors and to improve common area amenities. Morgan did not reveal the cost of the project but it did say in a news release that, once the renovation is finished, the Colony will offer its residents ”one of the most comprehensive amenity packages in the Towson submarket.”
In recent years, Morgan has purchased several other properties in the Baltimore-Washington area, in joint venture with other partners. The Preserve at Owings Crossing, The Lighthouse at Twin Lakes, and the 500-unit Windsor Mill Portfolio are some of them.
Photo credit: Morgan Properties