A Pennsylvania firm with a large portfolio of apartments in Maryland said Tuesday it has purchased The Colony at Kenilworth in Towson, one of several deals to occur regionally amid a booming national market for multifamily properties.
Morgan Properties and its partner, New York-based DRA Advisors LLC acquired the 383-unit community for $44.2 million using G & I VIII Towson LLC, according to land records.
Morgan Properties, which oversees more than 11,000 units in Maryland and has holdings in 10 states, is also part of the team that purchased the Preserve at Owings Crossing for $77.25 million in December. It is the firm's third local deal with DRA Advisors LLC, which focuses on real estate management services for institutional and private investors.
Morgan Properties highlighted the location of the 12-acre Colony at Kenilworth site, close to Towson University, Goucher College, the intersection of I-83 and I-695, and two shopping malls.
Jonathan Morgan, president of Morgan Properties JV, said in a statement that the firm intends to pursue a "value-add strategy," renovating the townhome and garden-style apartments and common areas to reposition the complex.
Jones Lang LaSalle represented the seller, National Property Investors 6, a California limited partnership affiliated with AIMCO.
nsherman@baltsun.com