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Morgan Properties pays $323m for multifamily acquisition
Transactions - OCTOBER 5, 2020

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Morgan Properties pays $323m for multifamily acquisition

by Andrea Zander

Morgan Properties, the nation’s fifth largest apartment owner and operator, has acquired 18 communities encompassing 3,256 units in North and South Carolina.

Morgan Properties acquired the portfolio for $323 million. This transaction takes Morgan Properties’ unit count in the Carolinas to nearly 5,000 units, and their national portfolio, to more than 78,750 units. Through the acquisition, the company will maintain more than 70 existing jobs, while creating 10 new regional management positions to be based in the Carolinas. Morgan Properties also plans to invest an additional $20 million into renovations and amenity upgrades at the properties.

“Despite 2020 being an unprecedented year, this acquisition shows our continued confidence in class B, value-add multifamily fundamentals, the strength of our business and talented team, and our eagerness to grow our portfolio,” said Jonathan Morgan, president of Morgan Properties. “The Carolinas are fast-growing markets

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