Stefanski and Pierce of Berkadia broker transaction
CONSHOHOCKEN, PA — Morgan Properties has acquired an 11-property portfolio of apartments located throughout the state of Pennsylvania from the original developer and owner – The DePaul Management Company. Totaling 3,434 units in the suburbs of Philadelphia and Pittsburgh, the Lehigh Valley, Reading, and the state capital of Harrisburg.
“As Morgan Properties continues to expand its national footprint, we remain deeply committed to our Pennsylvania roots,” said Jonathan Morgan, president of Morgan Properties JV. “The DePaul acquisition directly supports our strategic goal of acquiring large multifamily portfolios with high barriers to entry where our market concentration will enable us to achieve operational efficiencies and capitalize on economies of scale. We look forward to maximizing these assets through our professional management expertise and executing our value-add repositioning strategy.”
The acquired communities include:
• Blair Mill Village East - Horsham, PA: 768 units
• Blair Mill Village - Horsham, PA: 368 units
• Congress Apartments - Allentown, PA: 548 units
• South Mountain - Allentown, PA: 237 units
• Antietam Arms - Reading, PA: 148 units
• Mount Penn Manor - Reading, PA: 125 units
• Hanover Manor - Carlisle, PA: 93 units
• Carlwynne Manor - Carlisle, PA: 80 units
• Presidential Arms - Allison Park, PA: 460 units
• Wissahickon Park - Lansdale, PA: 343 units
• Quakertown West - Quakertown, PA: 264 units
“Morgan Properties maintains a strategic and opportunistic approach to our acquisitions,” said Jason Morgan, president of Morgan Properties special situations and principal. “Our team utilizes proprietary data from our existing portfolio to make calculated bets on where to invest and the DePaul portfolio is located in high-density submarkets where we have a track record of success. We look forward to executing our operational and capital improvement programs to create an exceptional living experience for the thousands of residents who call these communities home.”
Morgan Properties plans to invest over $80 million in physical upgrades to the communities over the coming years to enhance the resident experience. Capital plans will address kitchen, bath, and common area renovations, installation of in-unit washers and dryers, lighting, security, and landscape improvements, roof replacements and parking lot repairs, and the installation of high-efficiency heating systems.
Matthew Stefanski and Zachary Pierce of Berkadia’s Philadelphia Office brokered the transaction.
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