Morgan Properties and Olayan America acquire $1.75b multifamily portfolio

Morgan Properties, in partnership with Olayan America, has acquired a portfolio of 48 apartment communities totaling 14,414 units in 11 states for $1.75 billion.

The Morgan Properties and Olayan America joint venture purchased the North Star Portfolio from STAR Real Estate Ventures, a joint venture between El-Ad National Properties and Yellowstone Portfolio Trust. The North Star acquisition is the largest multifamily transaction this year and Morgan Properties’ largest deal since acquiring the Morgan Communities portfolio of 95 apartment communities and 17,500 units in eight states for $1.9 billion in 2019.

North Star consists of 48 apartment communities and 14,414 units in 11 states including Florida, Texas, Georgia, North Carolina, South Carolina, Louisiana, Michigan, Illinois, Indiana, Ohio and Maryland. The portfolio averages 300 units per property and an average vintage of 1985. Unit concentrations are in suburban Baltimore (2,566 units), Tampa-St. Petersburg, F