KING OF PRUSSIA, Pa.--(BUSINESS WIRE)--Morgan Properties, one of the nation’s largest and fastest growing multifamily investors, announced today it completed a portfolio transaction to acquire nearly 80 apartment communities encompassing approximately 15,000 units across eight states.
This transaction takes Morgan Properties’ total portfolio to more than 75,000 units in 15 states throughout the country, making it one of the five largest multifamily owners in the U.S. Since 2012, the King of Prussia, Pennsylvania-based owner and operator has acquired more than $7 billion in total acquisition volume comprised of 50,000 units. Following this transaction, Morgan Properties has agreed to acquire an additional 3,000 units from the same owner, further expanding its portfolio.
Morgan Properties acquired this portfolio from Morgan Communities, a company based in Rochester, New York which has no relation to the Pennsylvania-based company.
“Morgan Properties prides itself as a turnaround specialist in the multifamily industry and this portfolio fits our investment criteria given its size, scale, and unique repositioning opportunity,” said Jason Morgan, Principal at Morgan Properties. “We target opportunistic multifamily investments and are extremely well positioned to stabilize this portfolio for the greater benefit of the residents, employees, and investors. We assumed property management across the portfolio in July, transitioned more than 750 employees to our team, and are extremely excited to bring this transaction to fruition.”
The geographic concentration of this portfolio is primarily in upstate New York markets, including Rochester, Buffalo, Syracuse, and Albany, and Pennsylvania submarkets that include Pittsburgh and Harrisburg. The portfolio also consists of outlier assets in Memphis, Tennessee; Chicago, Illinois; Huntsville, Alabama; and Cleveland, Ohio, which represent new markets for Morgan Properties.
This transaction solidifies Morgan Properties’ portfolio concentration in the Mid-Atlantic and Northeast Region and position as the largest multifamily owner/operator in the states of Pennsylvania, Maryland and New York.
“We are extremely proud of our organization for achieving this significant milestone of reaching 75,000 units. Morgan Properties continues to get better with each acquisition and with growth comes opportunity,” said Jonathan Morgan, President of Morgan Properties. “This transaction establishes us as a top five multifamily owner in the country and the largest in the Mid-Atlantic and Northeast Region. This year we have acquired over $3 billion in total volume – our biggest year since our founding – and remain bullish on multifamily fundamentals.”
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 affiliates own and manage a multifamily portfolio comprised of 300 apartment communities and over 75,000 units located in 15 states, primarily in the Mid-Atlantic and Northeast Region. Morgan Properties is currently the largest multifamily owner in Pennsylvania, Maryland and New York, as well as the fifth largest apartment owner in the country. With approximately 2,000 employees across its geographic footprint, the Company prides itself on its quick decision-making ability, strong capital relationships and operational expertise.
Learn more at www.morganproperties.com.