Morgan Properties and Core JV Acquire 500-Unit Multifamily Portfolio

  Morgan Properties and Core JV Acquire 500-Unit Multifamily Portfolio

Business Wire

KING OF PRUSSIA, Pa. -- December 6, 2013

Morgan Properties and its equity partner Core Properties, LLC (“Core”) have
acquired the Windsor Mill Portfolio, a 500-unit multifamily portfolio,
comprised of two garden-style apartment communities and one high-rise
apartment building located just outside the Baltimore Beltway in Windsor Mill,
Maryland. The Windsor Mill Portfolio marks the fourth acquisition that Morgan
Properties has closed this year and their second acquisition with Core
Properties. The Morgan Properties-Core JV previously acquired Northwest
Crossing, a 588-unit garden-style apartment community located in Randallstown,
Maryland in close proximity to the Windsor Mill Portfolio. Jones Lang LaSalle
(“JLL”) represented the seller on the disposition.

Mitchell Morgan, Founder and CEO of Morgan Properties, said “Windsor Mill is
an exciting acquisition for our company. After the recent success of our
acquisition and repositioning of Northwest Crossing with our partner Core
Properties, we and Core felt that Windsor Mill was the perfect opportunity to
continue to expand our market presence. Given our local market knowledge and
operational expertise, Morgan Properties is the right operator to efficiently
manage and enhance the value of the properties.”

The Windsor Mill Portfolio is a three-property apartment portfolio ideally
situated outside the Baltimore Beltway in Windsor Mill, Maryland. All of the
properties are conveniently located within a one-mile radius and have easy
access to nearby highways linking them to the robust employment base in the
Baltimore-DC Corridor. In addition, within the submarket, a brand new 160,000
square foot Wal-Mart and 58,000 square foot Weis Markets supermarket have
recently opened and the Social Security Administration is in the process of
opening a 538,000 square foot newly constructed, built-to-suit facility. The
Social Security Administration has announced that it will transfer 1,600
employees in 2014 from its downtown Baltimore office to its new offices in the

The Windsor Mill Portfolio offers an attractive mix of apartment communities
for residents consisting of townhomes, garden-style apartments and a high-rise
residential building. The portfolio consists of two garden-style apartment
communities constructed in 1965 and 1972 and one high-rise apartment building
built in 1969. The properties offer a comprehensive amenities package that
features swimming pools and picnic areas for the residents. The apartments are
spacious and have well designed floor plans that offer highly coveted in-unit
features, such as individually-controlled HVAC units, in-unit washers and
dryers in select units and generous walk-in closets. Morgan Properties and
Core plan to execute a value-add repositioning strategy emphasizing interior
unit upgrades as well as addressing the properties’ capital needs.

Jonathan Morgan, Director of Acquisitions and Capital Markets at Morgan
Properties, said “We are excited to work with Core on the Windsor Mill
Portfolio acquisition and continue to build momentum off of our successful
repositioning of Northwest Crossing. Morgan Properties is currently one of the
most active value-add buyers of Class B apartment communities in the
Mid-Atlantic and Northeast Region. Morgan Properties continues to expand its
portfolio holdings in Maryland, where it has acquired over 3,000 units during
the last eighteen months. In 2013 alone, we closed over $300 Million of new
acquisitions. We look forward to continuing to grow our portfolio and
cultivating our JV partnership with Core.”

About Morgan Properties – Morgan Properties is one of the nation’s largest and
fastest-growing multifamily owners and operators. Established in 1985 by
Mitchell L. Morgan, Morgan Properties is a real estate investment, development
and management company headquartered in King of Prussia, PA. Morgan Properties
owns and manages 107 apartment communities with over 27,500 units located in
ten states throughout the country, primarily in the Mid-Atlantic and Northeast
Region, including over 8,000 apartments in the Maryland-DC Corridor. Morgan
Properties was also recognized as Maryland Multi-Housing Associations’
“Property Management Company of the Year” for 2011 & 2012 based on its company
vision, mission, marketing, maintenance programs, customer service philosophy,
community service, employee training and commitment to education.

About Core Properties – Core Properties LLC is a Columbus, Ohio based real
estate private equity firm founded in 2001 to provide joint venture equity to
top tier operators and developers throughout the U.S. Core has approximately
$500 million of assets under management in the multifamily, student housing,
medical office, and hotel sectors.


Morgan Properties
Peggy Hale, Vice President of Sales, Marketing & Training
Morgan Properties
Jonathan Morgan, Director of Acquisitions, Capital Markets
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