RE Manager, Investor Join To Buy 796-Unit Apartment Complex

Law360, New York (February 26, 2013, 6:09 PM EST) -- Real estate management and investment company Morgan Properties and investment firm Dune Real Estate Partners LP have formed a joint venture to purchase a Maryland multifamily apartment complex made up of 796 units from Equity Residential for an undisclosed price, the parties announced Tuesday.

The deal comes as demand for multifamily housing rises across the country, with many more people looking to rent rather than buy a home thanks to the tough mortgage environment, according to Mitchell Morgan, founder and CEO of Morgan Properties.

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