Morgan Properties Expands Pennsylvania Portfolio with Acquisition of 11 Multifamily Communities
July 01 2024 - 8:37AM
Business Wire
Morgan Properties, the nation’s largest private owner of
multifamily communities, announced today that it 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, this acquisition significantly
increases Morgan Properties’ presence in its home state. Morgan
Properties now owns and manages over 14,000 units and 56
communities in Pennsylvania, and 350 communities nationwide.
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Mount Penn Manor - Reading, PA (Photo:
Business Wire)
"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. Additionally, amenity and common
area enhancements will include fitness center upgrades and
expansions, installation of exterior dog parks and pet wash
stations, Amazon package hubs, playgrounds, pickleball courts, and
outdoor grilling islands.
Matthew Stefanski and Zachary Pierce of Berkadia's Philadelphia
Office brokered the transaction.
About Morgan Properties:
Established in 1985 by Mitchell Morgan, Morgan Properties is a
national real estate investment and management company
headquartered in Conshohocken, Pennsylvania, with a corporate
office in Rochester, New York. Jonathan and Jason Morgan represent
the next-generation leaders growing the platform and overseeing the
business operations. Morgan Properties and its affiliates own and
manage a multifamily portfolio comprising over 96,000 units across
more than 350 communities in 19 states. The company is the nation’s
largest private multifamily owner and the third-largest apartment
owner in the country. With over 2,500 employees, Morgan Properties
prides itself on its quick decision-making capabilities, strong
capital relationships, and proven operational expertise.
Learn more about Morgan Properties at morganproperties.com.
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Press Contact: Britni Ackrivo backrivo@gregoryfca.com
484-504-9920
Company Contact: Tina Malek tmalek@morganproperties.com
484-690-2375