REBusinessOnline

Morgan Properties Enters Nashville Market with $91M Multifamily Portfolio Acquisition

The four-property portfolio includes Sheffield Heights in Nashville, Tenn.

NASHVILLE, TENN. — Morgan Properties has acquired a four-property, 826-unit multifamily portfolio in Nashville for $91 million. Cardone Capital sold the garden-style properties, which include Hickory Creek, Lincoya Bay, Sheffield Heights and Jackson Grove.

The transaction is the first acquisition in Tennessee for Morgan Properties, a national real estate investment and management company headquartered in King of Prussia, Penn.

“Entering Nashville is a major milestone for Morgan Properties,” says Jonathan Morgan, president of Morgan Properties JV, an affiliate of Morgan Properties. “Nashville is a hot market and we have been targeting it for quite some time. We felt this portfolio gave us a foundation to build on as we continue to seek follow-on investment opportunities to scale our footprint in the market.”

Morgan Properties plans to invest $8.7 million in renovations to the properties that will include enhancing curb appeal and signage; upgrades to kitchens and bathrooms; washer and dryer installations; and enhancements to the fitness center, playgrounds, dog parks, pool areas, exterior fitness areas and other amenities.

In addition, the company will provide new tech features such as electronic locks, Wi-Fi enabled thermostats and light switches, and an Amazon Echo with voice control over all devices in select units.

Morgan Properties has closed 35 transactions valued at more than $3.5 billion since 2012. In 2017 alone, the company’s transaction volume totaled $1.2 billion. Most notably, Morgan Properties purchased the Mark Center multifamily portfolio in Alexandria, Va., from JBG Smith for $509 million. The company then acquired Bennington Crossings, a 308-unit community in Alexandria, as a follow-on deal from JBG Smith for $62 million.

“When we enter a new market, we typically want to acquire at least 2,500 to 3,000 units to gain scale and generate operational efficiencies given our geographic concentration,” says Morgan. “We have now successfully executed this strategy in Alexandria, and we intend to follow suit in Nashville.”

Morgan Properties and its affiliate, Morgan Properties JV, own and manage a 155-property apartment portfolio comprising more than 45,000 units. The portfolio is located throughout 11 states, primarily in the Mid-Atlantic and Northeast regions. The company targets Class B multifamily assets in infill, high-barrier markets.

— Camren Skelton

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