Morgan Properties and its equity partner, New York-based Dune Real Estate Partners, have formed a joint venture partnership to acquire Chesapeake Glen, a 796-unit multifamily apartment community located in Glen Burnie, Maryland, from Equity Residential.
HFF represented the seller on the disposition. Morgan Properties is one of the largest and fastest-growing multifamily owners in the Maryland-DC Corridor, where it currently oversees a portfolio of 17 apartment communities and 6,400 units.
Mitchell Morgan, founder and chief executive of Morgan Properties, says: “Chesapeake Glen is a significant acquisition for our company. We are excited to collaborate with Dune and feel that we have the ability to add value to the asset. It’s a great time to invest in the multifamily sector…the wind is at our back. The fundamentals are stronger than ever brought on by the shift from homeownership towards rental apartments. We feel that Class B is the right place to invest now since we have a captive audience and it generates significant yield.”
Chesapeake Glen Apartments is a high-quality, garden-style apartment community located in Anne Arundel County. The apartment community benefits from access throughout the Baltimore-Washington metro area due to its close proximity to the major commuter arteries that includes I-95, I-97 and the Baltimore-Washington Parkway. The property’s location offers convenient access to local bus and light rail transportation and is within minutes of Baltimore’s Inner Harbor and Annapolis Waterfront.
Originally built in phases in 1973 and 1977 by the Artery Group, Chesapeake Glen previously underwent two interior renovation phases from 2006-2008 and from 2010-2011 by Equity Residential.
Morgan Properties and Dune plan to execute a repositioning strategy that will address capital needs and complete interior unit renovations to enhance value.