Baltimore-area apartment portfolio sells for $247 million

Six Baltimore-area developments with more than 1,900 apartments have sold for $247 million.The deal was announced by seller Harbor Group International, headquartered in Norfolk, Va. Affiliates of the firm had purchased the portfolio in 2011 for $190 million,...

Baltimore-area apartment portfolio sells for $247 million

Six Baltimore-area developments with more than 1,900 apartments have sold for $247 million.

The deal was announced by seller Harbor Group International, headquartered in Norfolk, Va. Affiliates of the firm had purchased the portfolio in 2011 for $190 million, investing $7.75 million in renovations.

The buyer was Morgan Properties, a Pennsylvania firm based in King of Prussia, according to the CoStar Group, a commercial real estate research firm that tracks deals. The firm owns thousands of apartments in Maryland and has closed on a number of large multi-family deals in the Baltimore area in recent years.

The properties included the 808-unit Crosswinds at Rolling Road, the 92-unit Diamond Ridge, the 270-unit Glens at Rolling Road, the 264-unit Granite Run, the 280-unit Rolling Wind and 270-unit Stratton Meadows.

nsherman@baltsun.com

April Bradley invested her tax refunds in saving bonds, with help from Baltimore CASH Campaign, which allowed her to buy a home. (Algerina Perna/Baltimore Sun video)

April Bradley invested her tax refunds in saving bonds, with help from Baltimore CASH Campaign, which allowed her to buy a home. (Algerina Perna/Baltimore Sun video)

Airbnb hosts Stephanie Fleishman and Jeannette Belliveau talk about their experience with the business and the potential regulation proposed by legislators. (Lloyd Fox & Barbara Haddock Taylor/Baltimore Sun video)

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