KING OF PRUSSIA, Pa.--(BUSINESS WIRE)--Morgan Properties, the nation's largest private multifamily owner, announced today it has acquired two portfolios totaling 18 apartment communities and 4,724 units in four states: Georgia, Florida, North Carolina, and South Carolina. Morgan Properties acquired the Middle Street Partners (MSP) and Northland portfolios for a combined $780.5 million. With the addition of these new communities, Morgan Properties now owns and operates 10,540 units throughout the Sunbelt region, and 95,000 units nationwide.
“These two portfolio acquisitions come just months after our monumental $1.75B North Star transaction, making 2021 another significant year in Morgan Properties’ three-decade growth story,” said Jonathan Morgan, President of Morgan Properties JV. “Since 2012 alone, we have acquired more than $9 billion of assets and over 75,000 units, strengthening our reputation as one of the fastest-growing multifamily owners/operators. As we inch closer to becoming the largest in the nation, we’ll continue to prioritize opportunities to expand our presence in key markets like the Sunbelt, retain and create jobs, and enhance the overall living experience for the thousands of residents who call Morgan Properties home.”
The MSP Portfolio spans Georgia, Florida, North Carolina, and South Carolina. Its 15 apartment communities totaling 4,102 units offer a mix of Class B workforce and Class A upscale units with a concentration of units in the Columbia, SC; Fayetteville, NC; Jacksonville, FL; Augusta, GA; Greenville, SC; and Charlotte, NC markets.
The Northland Portfolio is focused in West Palm Beach, FL and consists of three garden-style apartment communities totaling 622 units. Royal St. George (224 units), Village Place (202 units), and Windward at the Villages (196 units) are within walking distance of each other and provide convenient access to many of the areas primary shopping, golf, and dining options.
“The Sunbelt region is booming right now, and these two portfolios presented a tremendous opportunity for us to increase our footprint in states that are undergoing high population and employment growth,” says Jason Morgan, Principal of Morgan Properties. “As a company, we continue to play offense and proactively seek large portfolios that allow operational efficiencies and economies of scale. These new portfolios based in some of the most in-demand multifamily markets in the country enable us to further expand our best-in-class, Class B workforce housing platform while also diversifying our expertise with the inclusion of several newer Class A communities.”
Morgan Properties plans to execute a $47.5 million value-add repositioning strategy throughout both portfolios that includes washer and dryer installations; kitchen upgrades such as new backsplashes, granite countertops, and stainless-steel appliances; Amazon Hub package rooms; bike-share programs; new fitness equipment; upgraded outdoor amenity spaces with grills, new furniture, and fireplaces; and more. Through a combination of existing positions and newly created roles, Morgan Properties will be adding more than 90 new employees from the portfolio of acquired properties, driving their total employee count to over 2,600 nationwide.
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. Jonathan and Jason Morgan represent the next-generation leaders growing the platform and overseeing the business operations. Morgan Properties and its affiliates currently own and manage a multifamily portfolio comprised of over 350 apartment communities and 95,000 units located in 20 states, primarily in the Mid-Atlantic and the Northeast Region. The Company is the nation’s largest private multifamily owner and the second largest apartment owner in the country. Morgan Properties is the largest multifamily owner in Pennsylvania, Maryland, and New York. With over 2,600 employees, Morgan Properties prides itself on its quick decision-making capabilities, strong capital relationships and proven operational expertise.
Learn more about Morgan Properties at www.morganproperties.com.
