Morgan Properties has acquired Blankenbaker Crossings, marking its entry into the Kentucky multifamily market. This $39 million acquisition includes a 236-unit garden-style apartment community in Louisville, Ky.
Located close to public transportation and major employment hubs, the apartment property maintains a 96 percent occupancy rate. It is also near a bustling dining and entertainment area in Louisville. Most of the units are in original condition, so Morgan Properties plans to invest $2.1 million in renovations and upgrades, including kitchen and bath renovations, washers and dryers, smart apartment appliances, and new community recreational amenities.
Morgan Properties is a national real estate investment firm and management company. Morgan Properties and affiliates own more than 97,000 units across 20 states.