• Type

    Multifamily

  • Fund

    Fund I

  • Address

    12000 Chase Crossing Circle
    North Bethesda, MD 20852

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The Morgan

North Bethesda, MD

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Property Overview

The Morgan Apartments is a stabilized, 127-unit garden-style apartment community located in North Bethesda, MD.  The property is comprised entirely of 2 bedroom units ranging from 845 to 1,435 square feet.  The property offers direct access to Rockville Pike, the primary north-south arterial connecting Montgomery County to Bethesda and downtown Washington, DC, as well as extremely quick access to Interstate-270.

Investment Strategy

Meridian acquired the property in August 2013, through a foreclosure auction.  Approximately half of the units have original finishes dating back to the property's construction in 1996.  The remaining units have been upgraded with condo-level finishes and currently receive substantial premiums over original units.  Meridian intends to upgrade the original unit finishes upon lease rollover in order to meet the pent-up demand for higher quality units at the property.