Morgan Properties closes acquisition of Lantern portfolio
Morgan Properties has closed on the previously reported acquisition of the Lantern Portfolio, which consists of 10 assets and 4,130 apartment units spanning Philadelphia and Northern Virginia.
The deal marks the largest multifamily transaction in Philadelphia's history. This deal also brings Morgan Properties’ Pennsylvania portfolio to 9,300 units, establishing the company as the largest multifamily owner and operator in Pennsylvania. In addition, the company is also the largest in Maryland and New Jersey.
Morgan Properties plans to invest an additional $20 million into renovations and amenity upgrades.
The Philadelphia assets in the portfolio consist of seven apartment communities totaling 2,346 units. Stonegate at Devon and Villas at Bryn Mawr, both located in the coveted Main Line neighborhoods of Devon and Bryn Mawr, total 947 units. The remaining five assets, totalin