KING OF PRUSSIA, Pa.--(BUSINESS WIRE)--Please replace the release with the following corrected version due to multiple revisions.
The corrected release reads:
MORGAN PROPERTIES HITS MAJOR MILESTONE WITH 50,000 UNITS; BECOMES PA’S LARGEST MULTIFAMILY OWNER
Morgan Properties closes the largest multifamily transaction in Philadelphia’s history with acquisition
Morgan Properties, one of the nation’s largest and fastest growing multifamily investors, announced today it officially ranks as Pennsylvania’s largest multifamily owner and operator following its historic portfolio acquisition of 10 apartment communities with 4,130 apartments spanning Philadelphia and Northern Virginia. This acquisition brings Morgan Properties’ Pennsylvania portfolio to 9,300 units and its total unit count reaches 50,000 units for the first time since its inception in 1985. This landmark acquisition marks the largest multifamily transaction in Philadelphia to date and expands the company’s already growing presence in the Northeast and Mid-Atlantic Region.
Morgan Properties plans to invest an additional $20 million into renovations and amenity upgrades in these properties. Morgan Properties has successfully completed recent acquisitions in both markets including the Mark Center Portfolio, a $509 million acquisition comprised of 2,664 units in Alexandria, Virginia; and Chesterfield Apartments and Curren Terrace Apartments, a combined $71 million portfolio acquisition in suburban Philadelphia. Morgan Properties currently owns 5,000 units in Northern Virginia.
“We are extremely proud of our organization in achieving this significant milestone of reaching 50,000 units. We considered this portfolio a once in a lifetime acquisition opportunity as it marks the largest multifamily transaction in Pennsylvania to date and officially makes us the top multifamily owner in our home state,” said Jonathan Morgan, President of Morgan Properties JV. “This transaction solidifies the geographic concentration in two of our Core Markets of suburban Philadelphia and Northern Virginia. We are confident in the strong fundamentals of the multifamily industry and are very well positioned for the future. Our team is looking forward to hitting the ground running on this one. Since 2012, Morgan Properties has purchased over $5 billion in total acquisition volume comprised of over 30,000 units.”
The Philadelphia assets in this 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, totaling 1,399 units, are situated in Conshohocken, West Chester, Downingtown, Jeffersonville, and Bensalem in suburban Philadelphia.
The Northern Virginia sub-portfolio consists of three apartment communities totaling 1,784 units. Mount Vernon Square in Alexandria, Virginia represents the largest property in the portfolio, with 1,387 units. The apartment community is considered the anchor asset to Morgan Properties’ rapidly growing presence in Alexandria, Virginia. East Meadows and Village of Potomac Falls round out the Northern Virginia sub-portfolio. The properties, located in Fairfax and Sterling, total a combined 397 units. Both assets are located within two miles from the Dulles Airport with convenient access to the Reston-Herndon employment centers and the growing Dulles technology corridor.
“This acquisition is a gamechanger for our organization,” said Jason Morgan, Principal at Morgan Properties. “We aspire to get better with every acquisition and our team is excited about the economies of scale this brings to our portfolio. We closed this transaction using our own internal sources of equity, secured very attractive long-term, fixed-rate financing and view this portfolio as generational hold. We continue to be selective on acquisition opportunities but realize that these portfolios of critical mass rarely come on the market in suburban Philadelphia given the multifamily ownership composition is primarily comprised of families. We also look forward to owning over 5,000 units in Northern Virginia.”
As a best-in-breed class B multifamily owner/operator, Morgan Properties owns and manages 50,000 units in 11 states throughout the country. The company targets multifamily properties in infill, high-barrier markets where its operational expertise can quickly add value for its residents and investors.
About Morgan Properties
Established in 1985 by Mitchell Morgan, Morgan Properties is a national real estate investment and management company headquartered in King of Prussia, Pennsylvania. Morgan Properties and its affiliate, Morgan Properties JV own and manage a multifamily portfolio comprised of 168 apartment communities and over 50,000 units located in 11 states, primarily in the Mid-Atlantic and Northeast Region. Morgan Properties is currently the 20th largest apartment owner in the country. The Company prides itself on its quick decision-making ability, strong capital relationships and operational expertise. Learn more at www.morganproperties.com.