Morgan Properties and Olayan Purchase The Preserve at Owings Crossing
- Dec 15, 2014
In a joint venture with The Olayan Group, King of Prussia-based Morgan Properties purchased The Preserve at Owings Crossing, in Reisterstown. This is the joint venture’s second acquisition in 2014.
The Preserve at Owings Crossing is a 791-unit Class B apartment community. It was built in two phases, between 1965 and 1973. The community offers residents numerous amenities, including a fitness center, swimming pool, tennis and volleyball court, playground areas and a dog park.
In Reisterstown, Morgan Properties also owns the 692-unit Chartleytowne Apartments. The company did not disclose how much it paid for The Preserve, but it did reveal that, together with Olayan, it plans to renovate the asset and enhance its value. The project calls for the renovation of the fitness center, in-unit washer and dryer installations, and kitchen and bath renovations.
“The Preserve is an exciting acquisition for our organization. We are pleased to continue doing deals with our partner Olayan. Our Maryland team will add tremendous value to the asset. Given our local market knowledge and operational expertise, Morgan Properties is the right operator to efficiently manage and enhance the value of the asset. We are excited to collaborate with Olayan and our team looks forward to owning the property and executing our business plan,” Mitchell Morgan, founder and CEO of Morgan Properties, said in a news release.
Earlier this year, Morgan and Olayan joined forces to buy a large multifamily portfolio from Berkshire Property Advisors, paying $309 million for it. The portfolio consisted of seven garden-style apartment communities located in the Baltimore-Washington metropolitan area. Together, they offer 2,671 units.
In 2014, Morgan also formed a joint venture with Core Real Estate Capital to buy the 700-unit Lighthouse at Twin Lakes apartment community in Beltsville. The two companies were involved in the acquisition of the 500-unit Windsor Mill Portfolio as well.
Morgan’s list of Baltimore area apartment communities also includes the 796-unit Chesapeake Glen Apartments in Glen Burnie. This property was purchased in 2013 in a joint venture with New York-based Dune Real Estate Partners LP.
Photo credit: Morgan Properties