Morgan Properties, the Pennsylvania–based real estate investment and management company, continues to add to its portfolio of apartment complexes with its $50 million purchase of Orchard Meadows in Ellicott City.
The firm bought the 240-unit community in Ellicott City from Azure Partners LLC and plans $2 million in interior and exterior renovations. It plans to upgrade kitchens and add a putting green, playground and dog park, among other upgrades.
Morgan Properties, based in King of Prussia, is one of the nation’s and Maryland’s largest apartment owners. It has a portfolio comprised of 150 complexes with more than 45,000 units primarily in the Mid-Atlantic region, including 60 complexes in the Maryland-Washington corridor.
Morgan partnered with Core Real Estate Partners on the latest purchase.
