Morgan Acquires 18 Communities
By Les Shaver
Morgan Properties acquired the portfolio for $323 million.
Morgan Properties, the nation's fifth-largest apartment owner and operator in the nation, announced that it has acquired 18 communities encompassing 3,256 units in North and South Carolina. Morgan Properties acquired the portfolio for $323 million.
The transaction takes Morgan Properties' unit count in the Carolinas to nearly 5,000 units and its national portfolio to more than 78,750 units.
Through the acquisition, Morgan will maintain more than 70 existing jobs while creating 10 new regional management positions to be based in the Carolinas. Morgan Properties also plans to invest an additional $20 million into renovations and amenity upgrades at the properties.
“Despite 2020 being an unprecedented year, this acquisition shows our continued confidence in class B, value-add multifamily fundamentals, the strength of our business and talented team, and our eagerness to grow our portfolio,” said Jonathan Morgan, President of Morgan Properties said in a news release. “The Carolinas are fast-growing markets that offer great access to major employment hubs. We are excited to further expand our presence in these key markets, provide employment opportunities at a critical time in our economy, and enhance the living experience for the thousands of residents who call these communities home.”