Morgan Properties Buys Four-State, 11-Property Multifamily Portfolio for $316M
KING OF PRUSSIA, PA. — Morgan Properties has purchased an 11-property multifamily portfolio that spans four states for $316 million. The assets, collectively known as Star Portfolio, contain a total of 2,826 units across Maryland, Pennsylvania, North Carolina and South Carolina.
The transaction includes the Greens at Westgate in Pennsylvania; the Waterway and Forest Oaks in South Carolina; Falls Creek and Heather Park in North Carolina; and Silver Spring Station, Westerlee, the Willows, St. Mary’s, Taylor Park and Willowood in Maryland. The assets have an average age of 29 years. All the properties are situated in high-barrier submarkets close to major development hubs and public transit.
Morgan Properties plans to execute a multi-million-dollar, value-add repositioning plan at each property. The renovation strategy will include premium kitchen and bath renovations and amenity upgrades.
Morgan Properties acquired Star Portfolio through an affiliated joint venture. David Oakley and Scott Melnick of Berkadia represented Morgan Properties in the transaction. Deutsche Bank represented the unnamed seller.
The firm also recently purchased three separate Maryland multifamily assets, including the 325-unit Grand Pointe in Columbia; the 606-unit Avery Park in Silver Spring; and the 450-unit Henson Creek in Temple Hills.
Morgan Properties owns and manages 132 apartment communities totaling more than 35,000 units in Pennsylvania, Delaware, New Jersey, New York, Ohio, Maryland, North Carolina, South Carolina, Virginia and Nebraska. The real estate investment and management company is based in King of Prussia, Pa.
— Nellie Day