Morgan Properties has further expanded its multifamily portfolio with a landmark $501 million acquisition of 11 properties, encompassing 3,054 units across eight Midwest states. This deal not only strengthens the firm's position as the largest private multifamily owner in the United States but also pushes its total apartment holdings beyond 100,000 units nationwide—a significant milestone in its 40-year history
The properties are scattered across eight Midwest states, including Indiana, Illinois, Michigan, Kentucky, Missouri, Ohio, Oklahoma, and Tennessee. This includes two properties in Columbus (Central Park, 292 units, and Bradford at Easton (324 units), while there are a couple located in Louisville (Crescent Centre, 209 units, and Park Laureate, 272 units), and another two in St. Louis (Reflection Cove, 194 units, and Residences at the Streets of St. Charles, (309 units).
The rest of the assets in the acquired portfolio include 138-unit NoCa Blue in Chicago, 202-unit Pointe At St. Joseph in South Bend, Indiana, 408-unit Villas at Bailey Ranch in Tulsa, 386-unit Waterchase in Grand Rapids, and 320-unit Waterford Place in Memphis.
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Newmark's Adam Doneger and Josh King brokered the deal for almost all of the multifamily communities, except Crescent Centre, which was handled by Walker & Dunlop.
The properties were constructed between 1989 and 2018, and Morgan plans to upgrade them physically and operationally. This is under what the country's biggest owner of private multifamily communities calls its "value-add strategy aimed at increasing the marketability and comfort of these properties."
"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," the Conshohocken, Pennsylvania-based firm said in a statement.
The deal expanded Morgan's entire apartment holdings to more than 100,000 units in the United States.
“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 company's co-presidents, Jonathan Morgan and Jason Morgan, said.
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