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Morgan Properties Hits Milestone with Acquisitions; Becomes Pennsylvania, USA´s Largest Multifamily Owner
Friday 15 March 2019

15 March 2019 - US-based multifamily investor Morgan Properties officially ranks as Pennsylvania's largest multifamily owner and operator following its portfolio acquisition of 10 apartment communities with 4,130 apartments spanning Philadelphia and Northern Virginia, the company said.

This acquisition brings Morgan Properties' Pennsylvania portfolio to 9,300 units and its total unit count reaches 50,000 units for the first time since its inception in 1985.

This landmark acquisition marks the largest multifamily transaction in Philadelphia to date and expands the company's already growing presence in the Northeast and Mid-Atlantic Region.

Morgan Properties plans to invest an additional USD 20m into renovations and amenity upgrades in these properties.

Morgan Properties has successfully completed recent acquisitions in both markets including the Mark Center Portfolio, a USD 509m acquisition comprised of 2,664 units in Alexandria, Virginia; and Chesterfield Apartments and Curren Terrace Apartments, a combined USD 71m portfolio acquisition in suburban Philadelphia. Morgan Properties currently owns 5,000 units in Northern Virginia.

The Philadelphia assets in this portfolio consist of seven apartment communities totaling 2,346 units. Stonegate at Devon and Villas at Bryn Mawr, both located in the coveted Main Line neighborhoods of Devon and Bryn Mawr, total 947 units.

The remaining five assets, totaling 1,399 units, are situated in Conshohocken, West Chester, Downingtown, Jeffersonville, and Bensalem in suburban Philadelphia.

The Northern Virginia sub-portfolio consists of three apartment communities totaling 1,784 units. Mount Vernon Square in Alexandria, Virginia represents the largest property in the portfolio, with 1,387 units.

The apartment community is considered the anchor asset to Morgan Properties' rapidly growing presence in Alexandria, Virginia. 

East Meadows and Village of Potomac Falls round out the Northern Virginia sub-portfolio. The properties, located in Fairfax and Sterling, total a combined 397 units.

Both assets are located within two miles from the Dulles Airport with convenient access to the Reston-Herndon employment centers and the growing Dulles technology corridor.

As a best-in-breed class B multifamily owner/operator, Morgan Properties owns and manages 50,000 units in 11 states throughout the country. The company targets multifamily properties in infill, high-barrier markets where its operational expertise can quickly add value for its residents and investors.

Established in 1985 by Mitchell Morgan, Morgan Properties is a national real estate investment and management company headquartered in King of Prussia, Pennsylvania.

Morgan Properties and its affiliate, Morgan Properties JV own and manage a multifamily portfolio comprised of 168 apartment communities and over 50,000 units located in 11 states, primarily in the Mid-Atlantic and Northeast Region.

Morgan Properties is currently the 20th largest apartment owner in the country. The company prides itself on its quick decision-making ability, strong capital relationships and operational expertise.
Date Published: 15/03/2019
Target: Mark Center Portfolio, Curren Terrace Apartments
Country: USA
Deal Size: 580m (USD)
Sector: Construction/Real Estate
Type: LBO
Financing: Cash
Status: Closed
Buyer: Morgan Properties