Thursday, July 10, 2014
Multifamily Portfolio in Maryland and Virginia Acquired
The Olayan Group, in a joint venture with Morgan Properties, has acquired the American Mid-Atlantic Portfolio from Berkshire Property Advisors.
The 2,671-unit multifamily portfolio is comprised of nine separate apartment communities located in the Maryland towns of Parkville, Laurel, Fort Washington, and Hyattsville as well as in Newport News, Virginia. The portfolio is concentrated in the Maryland-Washington, DC, corridor, a robust employment hub.
“This acquisition further solidifies our position in the greater Washington market, which through thick and thin has displayed remarkable growth,” said Tony Fusco, vice president for real estate at New York-based Olayan America, the Group’s investment arm for the Americas. “We are happy to partner with Morgan Properties, who have a sterling track record in the multifamily sector.”
Mitchell Morgan, founder and CEO of Morgan Properties, based in King of Prussia, Pennsylvania, said, “The Mid-Atlantic Portfolio is a major acquisition for our organization. Our team is prepared to add tremendous value to the assets … We are excited to collaborate with OIayan.”
The acquisition comprises seven garden-style apartment communities and two high-rise apartment buildings. The largest asset in the portfolio is Harbor Place, a 606-unit apartment community in Fort Washington, three miles from National Harbor.
More at: http://www.morgan-properties.com