August 01, 2014 10:49 AM ET

Real Estate Investment Trusts (REITs)

Company Overview of Morgan Properties Trust

Company Overview

Morgan Properties Trust focuses on operating as a real estate investment trust that specializes in the acquisition, ownership, management, and repositioning of multifamily properties in Philadelphia, New York-New Jersey, and Baltimore-Washington, D.C. metropolitan areas. As of December 31, 2010, it owned a portfolio of 94 properties consisting of approximately 21,518 apartment homes. The company, through joint ventures, owns equity interests in 5 additional properties that it manages, comprising approximately 1,573 apartment homes. Morgan Properties Trust is headquartered in King of Prussia, Pennsylvania.

160 Clubhouse Road

King of Prussia, PA 19406

United States

Founded in 1985

725 Employees





Key Executives for Morgan Properties Trust

Age: 59
Chief Financial Officer
Chief Operating Officer
Age: 57
Senior Vice President of Financial Planning and Business Development
Regional Vice President of Property Operations
Compensation as of Fiscal Year 2014.

Morgan Properties Trust Key Developments

Morgan Properties and Core Properties LLC Acquire 500-Unit Multifamily Portfolio

Morgan Properties and its equity partner Core Properties, LLC have acquired the Windsor Mill Portfolio, a 500-unit multifamily portfolio, comprised of two garden-style apartment communities and one high-rise apartment building located just outside the Baltimore Beltway in Windsor Mill, Maryland. The Windsor Mill Portfolio marks the fourth acquisition that Morgan Properties has closed this year and their second acquisition with Core Properties. The Morgan Properties-Core JV previously acquired Northwest Crossing, a 588-unit garden-style apartment community located in Randallstown, Maryland in close proximity to the Windsor Mill Portfolio. Jones Lang LaSalle represented the seller on the disposition. The Windsor Mill Portfolio is a three-property apartment portfolio ideally situated outside the Baltimore Beltway in Windsor Mill, Maryland. All of the properties are conveniently located within a one-mile radius and have easy access to nearby highways linking them to the robust employment base in the Baltimore-DC Corridor. In addition, within the submarket, a brand new 160,000 square foot Wal-Mart and 58,000 square foot Weis Markets supermarket have recently opened and the Social Security Administration is in the process of opening a 538,000 square foot newly constructed, built-to-suit facility. The Social Security Administration has announced that it will transfer 1,600 employees in 2014 from its downtown Baltimore office to its new offices in the submarket.

Morgan Properties and DRA Acquire 526-Unit Apartment Community

Morgan Properties and DRA Advisors LLC acquired Park Laurel Apartments, a 526-unit multifamily apartment community located in Laurel, Maryland. CBRE represented the sellers, Graycliff Partners and Dragone Management, on the disposition. Parke Laurel Apartments is a high quality 526-unit garden apartment community located in Laurel, Maryland. Originally built in two phases in 1966 and 1971 and partially renovated in 2008, Parke Laurel offers attractive in-unit features, such as individually-controlled HVAC units, in-unit washers and dryers and fully renovated kitchens. Parke Laurel offers spacious one-, two- and three-bedroom units with open-concept kitchens featuring black-on-black appliances and modern maple wood cabinetry, oversized windows and patios/balconies. The property has been well-maintained and is conveniently located near the US Route One Corridor with direct access to the robust employment base of Prince George's County and downtown Washington, D.C. Parke Laurel is well-positioned for low vacancy and steady rent increases. Over 20,000 high-tech and defense jobs flocking to Fort Meade will add to steady employment growth in the Laurel area, providing an influx of new renters. Parke Laurel Apartments also offers residents one of the most comprehensive amenity packages in the Laurel submarket with a large swimming pool and two playground areas. Additionally, the community's well-designed floor plans offer spacious apartments and variety of features. Morgan and DRA plan to execute a value-add repositioning strategy that will address the property's capital needs and complete a renovation program to further enhance the value of the asset.

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