CONSHOHOCKEN, PA. — Morgan Properties, a development and investment firm based in metro Philadelphia, has acquired a portfolio of 11 multifamily properties totaling 3,434 units in Pennsylvania.
Morgan purchased the properties from their original developer, DePaul Management Co. The price was not disclosed. Matt Stefanski and Zachary Pierce of Berkadia brokered the transaction.
The portfolio consists of:
- The 768-unit Blair Mill Village East in Horsham
- The 368-unit Blair Mill Village in Horsham
- The 548-unit Congress Apartments in Allentown
- The 237-unit South Mountain in Allentown
- The 148-unit Antietam Arms in Reading
- The 125-unit Mount Penn Manor in Reading
- The 93-unit Hanover Manor in Carlisle
- The 80-unit Carlwynne Manor in Carlisle
- The 460-unit Presidential Arms in Allison Park
- The 343-unit Wissahickon Park in Lansdale
- The 264-unit Quakertown West in Quakertown
The new ownership plans to invest more than $80 million in capital improvements to the portfolio. Renovations will feature upgrades to units’ kitchens and bathrooms, as well as the installation of in-unit washers and dryers. Morgan will update lighting, landscaping, roofing and parking areas at all properties and install high-efficiency heating systems.
Amenity and common area enhancements will also be undertaken throughout the portfolio. These initiatives will include fitness center upgrades and expansions; construction of exterior dog parks and pet wash stations; and additions of new amenities like Amazon package hubs, playgrounds, pickleball courts and outdoor grilling and dining stations.
“The DePaul acquisition directly supports our strategic goal of acquiring large multifamily portfolios with high barriers to entry where our market concentration will enable us to achieve operational efficiencies and capitalize on economies of scale,” says Jonathan Morgan, president of Morgan Properties.
— Taylor Williams