KING OF PRUSSIA, PA — Morgan Properties, one of the nation’s largest and fastest growing multifamily investors, announced it completed a portfolio transaction to acquire nearly 80 apartment communities encompassing 15,000 units across eight states.
This transaction takes Morgan Properties’ total portfolio to more than 75,000 units in 15 states throughout the country, making it one of the five largest multifamily owners in the U.S. Since 2012, the King of Prussia, Pennsylvania-based owner and operator has acquired more than $7 billion in total acquisition volume comprised of 50,000 units. Following this transaction, Morgan Properties has agreed to acquire an additional 3,000 units from the same owner, further expanding its portfolio.
Morgan Properties acquired this portfolio from Morgan Communities, a company based in Rochester, New York which has no relation to the Pennsylvania-based company.
“Morgan Properties prides itself as a turnaround specialist in the multifamily industry and this portfolio fits our investment criteria given its size, scale, and unique repositioning opportunity,” said Jason Morgan, principal at Morgan Properties. “We target opportunistic multifamily investments and are extremely well positioned to stabilize this portfolio for the greater benefit of the residents, employees, and investors. We assumed property management across the portfolio in July, transitioned more than 750 employees to our team, and are extremely excited to bring this transaction to fruition.”