Morgan Properties Surpasses 100,000 Units with $501 Million Midwest Multifamily Acquisition

Landmark acquisition of 11 multifamily communities across eight Midwest states cements
Morgan Properties’ position as the nation’s fastest-growing multifamily owner

CONSHOHOCKEN, Pa.--(BUSINESS WIRE)--Morgan Properties, the nation’s largest private owner of multifamily communities, has acquired a portfolio of 3,054 units across 11 assets in eight Midwest states from Trilogy Real Estate Group. This acquisition, valued at $501 million, marks a significant milestone in the firm’s 40-year history as it expands Morgan Properties’ apartment holdings to over 100,000 units nationwide while continuing to broaden its presence throughout the Midwest.

“Surpassing 100,000 units is a defining moment and a testament to the hard work and dedication of our entire organization, who have helped shape Morgan Properties into a best-in-class multifamily owner and operator,” said Jonathan Morgan and Jason Morgan, Co-Presidents of Morgan Properties. “As we continue to strategically expand our national portfolio, we remain selective and opportunistic in this environment. Morgan Properties has a proven track record of acquiring large portfolios with significant barriers to entry and providing execution certainty.”

The communities, located in Illinois, Indiana, Kentucky, Michigan, Missouri, Ohio, Oklahoma, and Tennessee, range in age from 1989 to 2018 and are exceptionally well-located within their respective submarkets.

Morgan Properties has outlined a comprehensive value-add strategy aimed at increasing the marketability and comfort of these properties through physical and operational improvements. Enhancements will include programmatic interior upgrades consisting of new flooring, appliances, cabinets, and countertops, as well as smart home features and an expansion and refresh of on-site amenities.

Morgan Properties now owns and operates over 360 communities in 22 states throughout the country. Through a series of key portfolio acquisitions, the largest of which was a $2.6 billion purchase of 98 communities, the firm's apartment holdings have more than doubled in the past 6 years under the leadership of Jonathan and Jason Morgan.

Newmark brokered 10 of the properties and Walker Dunlop brokered one property in the transaction.

About Morgan Properties

Established in 1985 by Mitchell Morgan, Morgan Properties is a national real estate investment and management company headquartered in Conshohocken, Pennsylvania, with a corporate office in Rochester, New York. Jonathan and Jason Morgan represent the next-generation leaders growing the platform and overseeing the business operations. Morgan Properties and its affiliates pursue a diversified investment strategy focusing on multifamily common equity, commercial mortgage-backed B-Piece securities, preferred equity, and whole loans. Morgan Properties and its affiliates own and manage a multifamily portfolio comprising over 100,000 units across more than 360 communities in 22 states. The company is the nation’s largest private multifamily owner and one of the top apartment owners in the country. Additionally, the company has made investments in commercial mortgage-backed B-Piece securities backed by over $40 billion in multifamily loans. With over 2,500 employees, Morgan Properties prides itself on its quick decision-making capabilities, strong capital relationships, and proven operational expertise.

Learn more about Morgan Properties at morganproperties.com.