Morgan Properties & Olayan acquire 14,414 unit portfolio
KING OF PRUSSIA, PA — Morgan Properties has acquired, in partnership with Olayan America, a portfolio of 48 apartment communities and 14,414 units in 11 states for $1.75 billion. The Morgan Properties and Olayan America joint venture purchased the North Star Portfolio (North Star) from STAR Real Estate Ventures, a joint venture between El-Ad National Properties, LLC and Yellowstone Portfolio Trust. The North Star acquisition is the largest multifamily transaction this year and Morgan Properties’ largest deal since acquiring the Morgan Communities portfolio of 95 apartment communities and 17,500 units in eight states for $1.9 billion in 2019.
“The North Star investment is a strategic transaction for Olayan America, and provides access to some of the best multifamily markets in the nation. It speaks to the strength of our partnership with Morgan Properties and our continued confidence in the multifamily sector,” said Erik Horvat, managing director and head of real estate at Olayan America.
“The North Star acquisition is a major milestone for our organization and a testament to our conviction in the fundamentals of class B multifamily,” said Jonathan Morgan, president of Morgan Properties JV. “This transaction establishes us as the second largest multifamily owner in the country and the nation’s largest private owner. Morgan Properties’ growth has been unprecedented in the multifamily industry. We have acquired $9 billion of assets and over 70,000 units since 2012. While most of our competitors remain defensive and on the sidelines, Morgan Properties continues to play offense. North Star was right in our wheelhouse given the barriers to entry and we pounced on the opportunity to secure it. We are excited to grow our geographic footprint and enter Florida, Texas, Georgia, Louisiana and Michigan.”