Leading multifamily owner Morgan Properties has entered Kentucky with the $39 million acquisition of a 236-unit garden-style community in Louisville.
Kentucky is the 20th state in Morgan Properties’ portfolio. In recent years, the owner has been expanding in the Heartland region. In 2022, it acquired two Midwest portfolios with eight apartment communities and 2,986 units in Illinois and Indiana for a combined $410 million, and, in 2023, it added a 470-unit apartment community in Indianapolis.
“Entering Kentucky and adding the 20th state to our growing portfolio is a pivotal way to kick off Morgan Properties’ 40th anniversary year,” said Jonathan Morgan, co-president of Morgan Properties and president of Morgan Properties JV. “As a company, Morgan Properties remains bullish on the Midwest and will continue to strategically identify opportunities where we can leverage our four decades of success in multifamily to enhance the living experience for residents in high-growth markets here and across the country.”
Built in 2005 and 2006, Blankenbaker Crossings has a 96% occupancy rate and is close public transportation, major employment hubs, outdoor destinations, and a thriving entertainment and dining scene. The community, with most of its units in original condition, also presents value-add opportunities for Morgan Properties. The owner plans to invest $2.1 million in renovations and upgrades, including kitchen and bath updates; the addition of in-unit washers and dryers as well as smart apartment features; and new amenities such as dog parks, a pickleball court, and Amazon package hubs.
“Expanding into Kentucky is a natural extension of our robust footprint in neighboring states like Ohio and Indiana,” added Jason Morgan, co-president of Morgan Properties and president of Morgan Properties Special Situations. “Blankenbaker Crossings presents a compelling opportunity to bring our proven professional management expertise and value-add repositioning strategies to a new, highly desirable market while capitalizing on Louisville’s strong rent growth and economic stability.”
Cushman & Wakefield’s Craig Collins and Mike Kemether brokered the transaction.
Last year, Morgan Properties, which was No. 3 on the National Multifamily Housing Council’s top apartment owners list with nearly 93,000 units, also significantly increased its presence in its home state of Pennsylvania. It acquired an 11-property portfolio of 3,344 apartments from the original developer and owner, DePaul Management Co.
