October 29, 2019
Morgan Properties completed a portfolio transaction to acquire nearly 15,000 apartments across 80 communities, and has agreed to acquire 3,000 more units from the same owner. The deal puts Morgan Properties into the top five among the nation’s multifamily owners.
Terms weren’t disclosed. Earlier published reports said the King of Prussia, PA-based owner-operator would pay $100 million in a joint venture with an affiliate of Morgan Communities, an upstate New York operator unrelated to Morgan Properties.
“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.
The portfolio is primarily in upstate New York markets, including Rochester, Buffalo, Syracuse, and Albany; and Pennsylvania submarkets including Pittsburgh and Harrisburg. The portfolio also consists of outlier assets in Memphis, Chicago, Huntsville and Cleveland, new markets for Morgan Properties.
Pictured: Henrietta Highlands in Henrietta, NY.
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