Morgan Properties has acquired an 11-property portfolio of apartments located throughout the state of Pennsylvania from its original developer and owner, DePaul Management.
Totaling 3,434 units in the suburbs of Philadelphia and Pittsburgh, the Lehigh Valley, Reading and the state capital of Harrisburg, this acquisition significantly increases Morgan Properties’ presence in its home state. Morgan Properties now owns and manages more than 14,000 units and 56 communities in Pennsylvania, and 350 communities nationwide.
"The DePaul acquisition directly supports our strategic goal of acquiring large multifamily portfolios with high barriers to entry where our market concentration will enable us to achieve operational efficiencies and capitalize on economies of scale,” said Jonathan Morgan, president of Morgan Properties JV.
The acquired communities:
Blair Mill Village East (Horsham, Penn.): 768 units
Blair Mill Village (Horsham, Penn.): 368
