Morgan Properties has completed the purchase of an apartment portfolio with approximately 15,000 units across eight states. The price of the deal was not disclosed. The portfolio is primarily located in upstate New York markets, including Rochester, Buffalo, Syracuse, and Albany, as well as Pennsylvania submarkets that include Pittsburgh and Harrisburg. The portfolio also consists of outlier assets in Memphis,Chicago, Huntsville and Cleveland, Ohio. The deal makes Morgan Properties one of the five largest multifamily owners in the US. Morgan Properties has agreed to acquire an additional 3,000 units from the seller Morgan Properties, a similarly named, but separate company in Pennsylvania.
“We are extremely proud of our organization for achieving this significant milestone of reaching 75,000 units. Morgan Properties continues to get better with each acquisition and with growth comes opportunity,” said Jonathan Morgan, president of Morgan Properties. “This transaction establishes us as a top five multifamily owner in the country and the largest in the Mid-Atlantic and Northeast Region. This year we have acquired over $3bn in total volume – our biggest year since our founding – and remain bullish on multifamily fundamentals.”
