Wexford Apartments is one of the 13 communities Morgan Properties acquired in or near Charlotte, N.C.
Wexford Apartments is one of the 13 communities Morgan Properties acquired in or near Charlotte, N.C.

Owner and operator Morgan Properties has once again expanded its footprint, with the acquisition of a multifamily portfolio in the Carolinas. The portfolio was acquired for $323 million from affiliates of Threshold Capital of West Des Moines, Iowa.

The Carolinas portfolio originally consisted of 13 properties totaling 2,243 apartments in or near Charlotte; three communities with 562 units in Winston-Salem; and three multifamily communities with 583 units in Rock Hill, Gaffney, and Anderson, South Carolina. Through the acquisition, Morgan Properties is consolidating the portfolio into 18 apartment communities encompassing 3,256 units.

“Despite 2020 being an unprecedented year, this acquisition shows our continued confidence in the Class B, value-add multifamily fundamentals, the strength of our business and talented team, and our eagerness to grow our portfolio,” said Jonathan Morgan, president of Morgan Properties, based in King of Prussia, Pennsylvania. “The Carolinas are fast-growing markets that offer great access to major employment hubs. We are excited to further expand our presence in these key markets, provide employment opportunities at a critical time in our economy, and enhance the living experience for the thousands of residents who call these communities home.”

Ranked No. 5 on the NMHC Top 50 Owners list in 2020, the firm expands its unit count in the Carolina to nearly 5,000 units and its national portfolio to more than 78,750 units. According to the company, it also will maintain over 70 existing jobs while creating 10 new regional management positions in the Carolinas.

Morgan Properties plans to invest an additional $20 million into renovations and amenity upgrades at the communities. This value-add repositioning strategy will include enhanced curb appeal and signage, premium kitchen and bath upgrades, and washer and dryer installation. Amenity upgrades will add dog parks, playgrounds with fitness stations, bike racks and bike-share programs, resident patios with grilling areas and fire pits, putting greens, club rooms with gaming, and package rooms with Amazon Hub lockers.

“The Carolinas portfolio presents tremendous opportunity for Morgan Properties to expand its footprint in the Carolinas and do what it does best: bring our top-level service and value-add amenities to residents seeking an affordable but exceptional living experience,” says Jason Morgan, principal of Morgan Properties. “As a best-in-breed Class B owner/operator, we’ll continue to target investment opportunities in these markets and nationally where our operational expertise can quickly add value for residents and investors.”

Morgan Properties has acquired over $7.5 billion in acquisition volume comprised of more than 55,000 units since 2012. In 2019, it purchased 24,000 units in eight states, including 18,000 units from Morgan Communities.