Morgan Properties has acquired an 11-property portfolio of 3,344 apartments throughout Pennsylvania from the original developer and owner, DePaul Management Co. The acquisition significantly increases the firm's presence in its home state, now owning and managing over 14,000 units and 56 communities in Pennsylvania.
"As Morgan Properties continues to expand its national footprint, we remain deeply committed to our Pennsylvania roots," says 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 in Horsham with 768 units;
- Blair Mill Village in Horsham with 368 units;
- Congress Apartments in Allentown with 548 units;
- South Mountain in Allentown with 237 units;
- Antietam Arms in Reading with 148 units;
- Mount Penn Manor in Reading with 125 units;
- Hanover Manor in Carlisle with 93 units;
- Carlwynne Manor in Carlisle with 80 units;
- Presidential Arms in Allison Park with 460 units;
- Wissahickon Park in Lansdale with 343 units; and
- Quakertown West in Quakertown with 264 units.
“Morgan Properties maintains a strategic and opportunistic approach to our acquisitions,” says 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.”
Over the coming years, the firm plans to invest over $80 million in physical upgrades to the communities. 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. Amenity and common area enhancements will include fitness center upgrades and expansions; installation of exterior dog parks, pet wash stations, Amazon package hubs, playgrounds, pickleball courts, and outdoor grilling islands.
