Morgan Properties acquires 18,000-unit apartment portfolio
Morgan Properties has acquired a nearly 80 apartment communities encompassing approximately 15,000 units across eight states.
Morgan Properties acquired the portfolio from Morgan Communities, a company based in Rochester, N.Y., that has no relation to the Pennsylvania-based company.
“This transaction establishes us as a top five multifamily owner in the country and the largest in the mid-Atlantic and Northeast region. This year we have acquired over $3 billion in total volume — our biggest year since our founding — and remain bullish on multifamily fundamentals,” said Jonathan Morgan, president of Morgan Properties.
This transaction takes Morgan Properties’ total portfolio to more than 75,000 units in 15 states throughout the country. Since 2012, the King of Prussia, Pa.-based owner and operator has acquired more than $7 billion in total acquisition volume comprised of 50,000 units. Following this transaction, Morgan Properties has agreed to acquire an additional 3,000 units from the same owner, further expanding its portfolio.
“Morgan Properties prides itself as a turnaround specialist in the multifamily industry and this portfolio fits our investment criteria given its size, scale and unique repositioning opportunity,” said Jason Morgan, principal at Morgan Properties. “We target opportunistic multifamily investments and are extremely well positioned to stabilize this portfolio for the greater benefit of the residents, employees and investors. We assumed property management across the portfolio in July, transitioned more than 750 employees to our team, and are extremely excited to bring this transaction to fruition.”
The geographic concentration of this portfolio is primarily in upstate New York markets, including Rochester, Buffalo, Syracuse, and Albany, and Pennsylvania submarkets that include Pittsburgh and Harrisburg. The portfolio also consists of outlier assets in Memphis; Chicago; Huntsville, Ala.; and Cleveland, which represent new markets for Morgan Properties.
This transaction solidifies Morgan Properties’ portfolio concentration in the mid-Atlantic and Northeast region and position it as the largest multifamily owner/operator in the states of Pennsylvania, Maryland and New York.
