Morgan Properties Acquires 11-Property Portfolio in Pennsylvania
Slice of Real Estate Team
07/08/2024
Key Highlights:
- Acquisition of 11 apartment communities totaling 3,434 units.
- Significant expansion in Pennsylania, increasing to over 14,000 units.
- $80 million planned investment in property upgrades.
- Strategic acquisition from The DePaul Management Company.
Source (Business Wire)
Quotes
“ "As Morgan Properties continues to expand its national footprint, we remain deeply committed to our Pennsylvania roots. The DePaul acquisition directly supports our strategic goal of acquiring large multifamily portfolios with high barriers to entry." ”
Jonathan Morgan, President at Morgan Properties
Our Take:
Morgan Properties' recent acquisition of 11 properties in Pennsylvania demonstrates its strategic approach to expanding its multifamily portfolio. By focusing on high-density submarkets and leveraging their existing operational expertise, Morgan Properties is poised to maximize returns through significant capital improvements and enhanced resident experiences. The planned $80 million investment in upgrades is a testament to their commitment to providing quality living spaces and staying competitive in the market. This acquisition not only reinforces their dominance in Pennsylvania but also strengthens their position as a leading multifamily owner on a national scale.
