Morgan Properties has completed the acquisition of Dream Residential REIT for $354 million. The cross-border transaction includes the privatization of a publicly traded Canadian REIT and adds 15 communities with 3,300 units across major MSAs in Texas, Ohio, Kentucky, and Oklahoma.
Co-Presidents Jonathan and Jason Morgan led the transaction. They noted that few operators have the resources to take a public company private.
"In pursuing the Dream transaction, Morgan Properties leveraged off of our strong balance sheet and our expertise in executing complex, structured transactions to accommodate the specific needs and timeframe of Dream Residential REIT's Unitholders and Board of Trustees," said Jonathan and Jason Morgan, Co-Presidents of Morgan Properties.
They added, "Morgan Properties has a proven track record in closing these complicated transactions given our unique ability to provide sellers with execution certainty. Our contrarian investment strategy targets large one-off and institutionally sized portfolios without institutional competition. While our regional competition is capital constrained and institutional investors are chasing flight to quality investment opportunities, we intend to capitalize on institutionally sized workforce housing investment opportunities with significant barriers to entry. In 2025, Morgan Properties has acquired $1.5 billion comprised of over 14,000 units."
The Dream deal follows a strong acquisitions year for the company. Morgan Properties surpassed 110,000 units during its 40th anniversary.
"We are excited to build off our momentum and continue to strategically grow our portfolio. As we do with every acquisition, we look forward to leveraging off our operational expertise and economies of scale to improve these communities and create long-term value for both our residents and investors."
The company plans to reinvest $58 million to upgrade interiors, exteriors, and amenities across the acquired communities, which range from 1968 to 2002 in vintage. In 2025, Morgan Properties has purchased more than 80 properties, added 250 site-team members, and expects to allocate $200 million toward capital improvements.
TD Securities advised Dream Residential REIT on the transaction.
Founded in 1985 by Mitchell Morgan, Morgan Properties is a national real estate investment and management firm headquartered in Conshohocken, Pennsylvania, with an additional corporate office in Rochester, New York. Jonathan and Jason Morgan represent the second-generation leadership team.
The company focuses on multifamily equity investments, commercial mortgage-backed securities, preferred equity, and whole loans. Morgan Properties and its affiliates own and manage over 110,000 units across more than 400 communities in 22 states, making it one of the largest multifamily owners in the U.S. The firm also invests in CMBS backed by more than $40 billion in multifamily loans. With a workforce of over 2,500 employees, Morgan Properties emphasizes fast decision-making, strong capital partnerships, and operational expertise.
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