Morgan Properties Acquires 11-Property Portfolio in Pennsylvania

Author

Slice of Real Estate Team
July 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)

Notable Quotes:

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"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
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"Our team utilizes proprietary data from our existing portfolio to make calculated bets on where to invest and the DePaul portfolio is located in high-density submarkets where we have a track record of success."

Jason Morgan, President at Morgan Properties Special Situations and Principal 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.