KING OF PRUSSIA, Pa.--(BUSINESS WIRE)--Morgan Properties, the nation's fifth largest apartment owner and operator, announced today it 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 over seventy 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 that offer great access to major employment hubs. We are excited to further expand our presence in these key markets, provide employment opportunities at a critical time in our economy, and enhance the living experience for the thousands of residents who call these communities home.”
The Carolinas portfolio is primarily concentrated in North Carolina with 13 properties totaling 2,243 garden-style apartments conveniently located in or near Charlotte. The communities include Village at Brierfield, Wexford and Sharon Pointe in Charlotte; Parkway Station, Trinity Station and Waters Edge in Concord; Kannon Station and McClain Heights in Kannapolis; Woodbrook in Monroe; Alexander Station, Ashton Woods and Lakewood in Salisbury; and Huntersville in Huntersville. There are three additional communities encompassing 562 units that are located in Winston-Salem: Highland Ridge in High Point; Clemmons Station in Clemmons; and Enclave at North Point.
The South Carolina portfolio also consists of three unique multifamily communities with 583 units in Rock Hill, Gaffney, and Anderson: Gable Oaks, with immediate access to retail and I-77, 1022 West, conveniently located near US Highway 29 and I-85, and Station 153, situated in close proximity to Anderson’s largest park and minutes away from great shopping, restaurants and entertainment.
Morgan Properties plans to execute a $20 million value-add repositioning strategy throughout the portfolio, which will include enhanced curb appeal and signage; premium kitchen and bathroom upgrades; washer and dryer installations; and amenity upgrades such as dog parks, playgrounds with exterior fitness stations, high end bike racks and bike-share program, resident patios with grilling and firepits, putting greens, club rooms with gaming such as ping pong, foosball and pool tables, and package rooms with Amazon hub lockers.
“The Carolinas portfolio presents tremendous opportunity for Morgan Properties to expand its footprint in the Carolinas and do what it does best: bring our top-level service and value-add amenities to residents seeking an affordable but exceptional living experience,” said Jason Morgan, Principal of Morgan Properties. “As a best-in-breed class B owner/operator, we’ll continue to target investment opportunities in these markets and nationally where our operational expertise can quickly add value for residents and investors.”
Since 2012, Morgan Properties has acquired over $7.5 billion in total acquisition volume comprised of more than 55,000 units. In 2019 alone, the Company purchased $3.1 billion and 24,000 units in 8 states.
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 320 apartment communities and over 78,000 units located in 15 states, primarily in the Mid-Atlantic and Northeast Region. The Company is currently the fifth largest apartment owner in the country as well as the largest multifamily owner in Pennsylvania, Maryland, and New York. With approximately 2,200 employees, Morgan Properties prides itself on its quick decision-making ability, strong capital relationships and proven operational expertise.
Learn more at www.morgan-properties.com.
