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Jul
25

Morgan Properties Investing $25M in Three Local Apartment Complexes

July 25, 2017

Source, Baltimore Business Journal, Melody Simmons

A portfolio of more than 1,900 suburban Baltimore apartments is about to get a $25 million redo.

The work by Morgan Properties on three developments in northwest Baltimore County is expected to take place over the next two years.

Upgrades to the Townhomes at Diamond Ridge, the Glens at Diamond Ridge and the Apartments at Diamond Ridge began this month. The properties were consolidated from six different properties to three as part of a rebranding of the portfolio.

Morgan Properties, based in King of Prussia, Pennsylvania, bought the Class B properties in February for $247 million.

Officials from the company said they were embarking on the rebranding in order to “create a new identity” for the properties. The Townhomes at Diamond Ridge was formed out of the Stratton Meadows and Crosswinds at Rolling Road; the Glens at Diamond Ridge is the former Glens at Rolling Road; and the Apartments at Diamond Ridge consists of the former Rolling Wind, Granite Run and Diamond Ridge, the company said in a statement.

The average cost for upgrades is $13,000 per unit, the company said Thursday.

“With every purchase, we make a long-term investment into the property, its residents, and the local area,” Sean Organ, area vice president for Morgan Properties, said.

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