Morgan Properties has acquired two Class A apartment communities, Westlake at Morganton and The Preserve at Grande Oaks, in Fayetteville, North Carolina. Purchased from Walker & Dunlop on behalf of Morganton Development, the two communities total 642 units, marking 1,530 total units owned and operated by Morgan Properties in Fayetteville. The firm has additional communities in Charlotte, Raleigh, and Salisbury.
“Since our entry into North Carolina in 2016, we’ve seen tremendous success in the Sun Belt region and continue to be opportunistic about acquisitions that increase Morgan Properties’ presence in these states,” says Jonathan Morgan, president of Morgan Properties JV. “While Class B has always been our niche, acquiring Class A communities in markets with high population growth and undersupply of multifamily housing presents an exciting opportunity for Morgan Properties to bring our industry knowledge and top-notch customer service to new residents.”
Westlake at Morganton and The Preserve at Grande Oaks offer one-, two-, and three-bedroom apartments with in-unit laundry, new appliances, walk-in closets, and patios. Both communities are pet-friendly and include a resort-style pool and fitness center, a business center, and entertainment areas. Westlake at Morganton also offers residents access to parking garages.
With both communities having an average vintage date of 2007, Morgan Properties plans to implement a $7 million value-add enhancement strategy. Improvements will include interior upgrades, smart home technology, planned community amenities, dog parks, a bike share program, among others.
Home to Fort Bragg, Fayetteville is one hour south of downtown Raleigh and has attracted large companies including Goodyear Tire Manufacturing Plant, Mann + Hummel, and Cape Fear Valley Health Systems.
“As the sixth largest city in North Carolina and home to the largest military base in the United States, Fayetteville has remained an attractive market for Morgan Properties since we acquired our first three communities there last year,” says Jason Morgan, president of Morgan Properties Special Situations and principal. "We look forward to growing our presence in this attractive market and continuing to build our experience in Class A multifamily across the country.”