Morgan Properties, the largest private owner of multifamily communities in the United States, has announced the acquisition of an 11-property apartment portfolio in Pennsylvania. The properties, totalling 3,434 units, are spread across the Philadelphia and Pittsburgh suburbs, the Lehigh Valley, Reading, and Harrisburg. This acquisition significantly enhances Morgan Properties’ footprint in its home state, bringing its Pennsylvania holdings to over 14,000 units across 56 communities. Nationally, the company now owns and manages 350 communities.
Jonathan Morgan, President of Morgan Properties JV, stated, “While we continue to expand nationally, our commitment to Pennsylvania remains strong. The DePaul acquisition aligns with our strategy of acquiring large multifamily portfolios in high-barrier markets, allowing us to leverage operational efficiencies and economies of scale. We are eager to enhance these assets through our management expertise and value-add repositioning strategy.”
The newly acquired communities are:
Jason Morgan, President of Morgan Properties Special Situations and Principal, commented, “Our strategic approach to acquisitions is supported by proprietary data from our existing portfolio. The DePaul properties are in high-density submarkets where we have a proven track record. We are excited to implement our operational and capital improvement plans to enhance the living experience for our residents.”
Morgan Properties plans to invest over $80 million in upgrades to these communities, focusing on kitchen, bathroom, and common area renovations, in-unit washer and dryer installations, lighting, security, landscaping, roof replacements, parking lot repairs, and high-efficiency heating systems. Additionally, enhancements will include upgraded fitness centers, exterior dog parks, pet wash stations, Amazon package hubs, playgrounds, pickleball courts, and outdoor grilling areas.
The transaction was brokered by Matthew Stefanski and Zachary Pierce of Berkadia’s Philadelphia Office.
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By Proptechbuzz
By Ravi Kumar
