Leading multifamily owner Morgan Properties has expanded its Midwest footprint with the acquisition of a 470-unit apartment community in Indianapolis, bringing its portfolio in the metro to over 2,500 units.
“This strategic addition is a testament to Morgan Properties’ ongoing commitment to enhancing our portfolio through thoughtful acquisition,” said Jonathan Morgan, president of Morgan Properties JV. “By investing in newer properties in growing markets, we are not only bolstering our presence but also delivering unparalleled value to our residents. This aligns with our vision to set new standards of excellence through customer service, innovation, operational efficiencies, and capital improvements.”
Located in the fast-growing and high-income Hendricks County on the west side of Indianapolis, Astoria Park Apartments is near high-wage employers, universities, and outdoor activities. Residents have access to an outdoor pool and patio, a fitness center, tennis courts, a playground, a dog park, and a pet-washing station. Unit interiors feature upgraded kitchens and appliances, large closets, and private patios or balconies.
According to Morgan Properties, it plans to invest nearly $4 million into renovations, including unit interior upgrades, expanded amenities, and smart-home technology integration.
“The Midwest continues to be one of the most stable and attractive markets for multifamily investment, with steady population growth, affordable cost of living, and business-friendly policies,” said Jason Morgan, president of Morgan Properties Special Situations and principal. “Astoria Park Apartments is a strong addition to our rapidly growing Indianapolis portfolio as we remain confident in the long-term outlook across the Midwest region.”
According to Yardi Matrix, Indianapolis has been a leader in year-over-year rent growth. In September, it ranked fourth on Yardi Matrix’s list for year-over-year rent growth at 3.8%. Year-over-year renewal rent growth was also strong for the metro in August at 8.8%; it also had a monthly lease renewal rate of 67.2%.