Morgan Properties, the nation’s largest private multifamily owner, has acquired two Midwest portfolios with eight apartment communities and 2,986 units in Illinois and Indiana for a combined $410 million.
Morgan Properties, based in King of Prussia, Pennsylvania, now owns and operates over 95,000 units nationwide, with 2,035 units in Illinois and 3,692 units in Indiana. The firm ranked as the third-largest owner on the National Multifamily Housing Council’s 2022 Top 50 Owners list, with 94,107 units as of Jan. 1. It also ranked as the 11th-largest apartment manager with 96,107 units.
“On the heels of our recent acquisition in Fayetteville, North Carolina, these portfolios presented yet another opportunity for Morgan Properties to continue to strategically diversify our geographic footprint beyond the Mid-Atlantic region,” said Jonathan Morgan, president of Morgan Properties JV. “We remain bullish on the fundamentals of the multifamily industry and are extremely well positioned to capitalize on portfolio acquisition opportunities. We are excited to achieve another milestone in growing our portfolio to 95,000 units, and we will continue to target opportunistic deals in our acquisition efforts.”
The Illinois portfolio, located in desirable Chicago suburbs, include the 428-unit Lakes of Schaumburg in Schaumburg, the 371-unit Blackhawk Apartments in Elgin, and the 204-unit Gates of Deer Grove in Palatine.
Each community in the Indiana portfolio is located along Interstate 465 and readily accessible to universities and business hubs in Indianapolis and the surrounding areas. The properties include the 1,381-unit Boardwalk at Westlake, the 190-unit Parkside at Castleton Square, the 166-unit Lakeside Crossing at Eagle Creek, the 126-unit Elliott at College Park, and the 120-unit Preserve on Allisonville.
“We are excited to enter the Indianapolis market and further expand our existing Chicago portfolio,” said Jason Morgan, president of Morgan Properties Special Situations and principal. “Growing our presence in the Midwest provides us with the necessary scale to quickly deploy our value-add strategies, enhancing the overall experience for the thousands of residents who call these communities home. Additionally, acquiring these portfolios in an increasingly choppy capital markets environment is a testament to our reputation in providing execution certainty. Morgan Properties was able to capitalize on market volatility, and we look forward to executing on our business plan and delivering for our residents, employees, and investors.”
According to Morgan Properties, it plans to invest over $40 million in capital improvements across the two portfolios, including premium kitchen and bathroom upgrades, in-unit washer and dryer installations, community amenity enhancements, and the addition of advanced technology.