Pennsylvania-based multifamily owner and operator Morgan Properties has acquired fourteen apartment communities in 2016 to date in what the company calls “a stellar year of growth.” The newly purchased communities are comprised of 4,200 units across Maryland, Pennsylvania, North Carolina, and South Carolina.
“Our success is a testament to our seasoned executive team, proven track record and strong capital relationships,” says Jonathan Morgan, President of Morgan Properties JV, on the acquisitions. “We look forward to executing our business plan, generating operational efficiencies, and growing our portfolio holdings.”
The company’s largest acquisition by far was the Star Portfolio, which consists of 2,826 units across eleven apartment communities – seven in Maryland, two in North Carolina, two in South Carolina and one in Pennsylvania. All of the Star Portfolio properties are in desirable locations, according to Morgan Properties, with easy access to employment hubs and public transit. The communities are about thirty years old, on average.
In three more separate transactions, Morgan Properties acquired Grand Pointe, a 325-unit community in Columbia, Maryland; Avery Park, a 606-unit community in Silver Spring, Maryland, and Henson Creek, a 450-unit community in Temple Hills, Maryland. All of the communities feature garden-style apartments, and Grand Pointe also includes a 9-story midrise building. All were built in the late sixties and early seventies.
“Our team was eager to expand our portfolio holdings in Maryland, Pennsylvania, and the Carolinas,” says Mitchell Morgan, founder and CEO of Morgan Properties. “We are also very excited about the prospect of entering North Carolina, which we feel is a market with a lot of potential… Our team is going to hit the ground running.”
The company is working on a $30 million renovation plan for their acquisitions, with the aim of increasing the value of the properties. Their plan includes kitchen and bath renovations as well as new shared amenities, such as fitness centers, resident lounges, playgrounds, and grilling areas.