Morgan Properties has acquired a portfolio of apartment buildings in Baltimore and Prince George’s counties for $277.5 million.
The Philadelphia-area real estate investment and management firm bought the four apartment communities from the Rockpoint Group.
The four properties have a total of 2,729 apartment and townhouse units: Gwynn Oaks in Woodlawn, Carriage Hill in Randallstown,Charlesmont in Dundalk and Princeton Estates in Temple Hills.
The deal brings the company’s total apartment property investment this year to $1.2 billion.
Over the past five years, Morgan Properties has increased its holdings in Maryland and Washington from 4,300 units to 24,000 units.
“We want to remain quick and nimble as we continue to grow our investment portfolio,” said Jason Morgan, a senior vice president at Morgan Properties, in a statement.
Morgan Properties owns and manages more than 45,000 units in 10 states.