{"id":1004068065,"date":"2013-03-03T13:29:14","date_gmt":"2013-03-03T21:29:14","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=106092"},"modified":"2020-05-17T22:51:01","modified_gmt":"2020-05-18T06:51:01","slug":"morgan-properties-and-dune-buy-glen-burnies-796-unit-chesapeake-glen-apartments","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/morgan-properties-and-dune-buy-glen-burnies-796-unit-chesapeake-glen-apartments\/","title":{"rendered":"Morgan Properties and Dune Buy Glen Burnie\u2019s 796-Unit Chesapeake Glen Apartments"},"content":{"rendered":"<p style=\"text-align: justify\"><em>By Adrian Maties, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify\">Morgan Properties of King of Prussia, <a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/03\/201328184550-Exterior-Building3.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-106093\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/03\/201328184550-Exterior-Building3.jpg\" alt=\"\" width=\"300\" height=\"202\" \/><\/a>Pa., and Dune Real Estate Partners LP of New York have teamed up to acquire the Chesapeake Glen Apartments community in Glen Burnie, Md., from Equity Residential. The cost of the transaction has not yet been disclosed. HFF represented the seller.<\/p>\n<p style=\"text-align: justify\">Chesapeake Glen Apartments is a 796-unit garden-style apartment community. It is located at 8035 Greenleaf Terrace, in Anne Arundel County, in close proximity of I-95, I-97 and the Baltimore-Washington Parkway. Baltimore\u2019s Inner Harbor and the Annapolis Waterfront are just minutes away. The Artery Group constructed Chesapeake Glen in phases, in 1973 and 1977. It underwent two interior renovations from 2006 until 2008 and from 2010 until 2011 by Equity Partners.<\/p>\n<p style=\"text-align: justify\">The apartment community includes such amenities as a fully renovated resident clubhouse, a state of the art fitness center, a resort-style outdoor swimming pool, tennis courts, playgrounds and picnic areas. It offers residents a mix of one-, two- and three-bedroom apartments with individually-controlled HVAC units, washers and dryers, upgraded kitchens, balconies or patios, high-speed internet and nine spacious floor plans.<\/p>\n<p style=\"text-align: justify\">The Department of Defense\u2019s Base Realignment and Closure (BRAC) initiative spurred economic growth in the area. It brought almost 22,000 new jobs to Fort Meade and is expected to generate $4 billion in annual economic output.<\/p>\n<p style=\"text-align: justify\">Mitchell Morgan, founder and CEO of Morgan Properties, said, \u201cChesapeake 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\u2019s a great time to invest in the multifamily sector\u2026 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.\u201d The two companies plan to execute a repositioning strategy that will address capital needs and complete interior unit renovations to enhance value.<\/p>\n<p style=\"text-align: justify\">Morgan Properties is one of the largest and fastest-growing multifamily owners in the Maryland-DC Corridor. It oversees a portfolio of 17 apartment communities and 6,400 units in the region.<\/p>\n<p style=\"text-align: justify\">Photo credits: <a href=\"https:\/\/morgan-properties.com\/morganlocations\/in_features.asp?propertyID=4201\" rel=\"nofollow\">Morgan Properties<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Morgan Properties of King of Prussia, Pa., and Dune Real Estate Partners LP of New York have teamed up to acquire the Chesapeake Glen Apartments community in Glen Burnie, Md., from Equity Residential. The cost of the transaction has not yet been disclosed. HFF represented the seller.<\/p>\n","protected":false},"author":925,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1579,21742],"tags":[],"class_list":["post-1004068065","post","type-post","status-publish","format-standard","hentry","category-baltimore","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Morgan Properties and Dune Buy Glen Burnie\u2019s 796-Unit Chesapeake Glen Apartments - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/morgan-properties-and-dune-buy-glen-burnies-796-unit-chesapeake-glen-apartments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Morgan Properties and Dune Buy Glen Burnie\u2019s 796-Unit Chesapeake Glen Apartments\" \/>\n<meta property=\"og:description\" content=\"Morgan Properties of King of Prussia, Pa., and Dune Real Estate Partners LP of New York have teamed up to acquire the Chesapeake Glen Apartments community in Glen Burnie, Md., from Equity Residential. 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