Morgan Properties has picked up 11 multifamily complexes in Pennsylvania as part of what the company is calling “a strategic and opportunistic approach to our acquisitions.”
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The Conshohocken, Pennsylvania-based firm did not disclose terms of its deal with the seller of the portfolio, DePaul Management Co. It will now own and manage a total of 56 apartment communities in the state.
"We wanted to invest in our home state of Pennsylvania given that the fundamentals are solid in these high-barrier, infill locations and these larger portfolio deals rarely trade in Pennsylvania where the ownership concentration mostly consists of families like us who hold generationally,” Morgan Properties JV President Jonathan Morgan told Bisnow.
The 11-building acquisition includes 3,434 units. As of today, the firm owns about 14K units in Pennsylvania. Morgan Properties became the largest multifamily property owner in the state in 2019, Bisnow reported at the time. It is the nation’s largest private multifamily owner and third-largest apartment owner in the country.
Near Philadelphia, Morgan Properties acquired the 343-unit Wissahickon Park Apartments in Lansdale, and the 264-unit Quakertown West, the 368-unit Blair Mill Village West and the 768-unit Blair Village East Apartment Homes in Horsham.
The firm picked up seven other multifamily complexes across the state:
Congress Apartments, Allentown: 548 units
South Mountain, Allentown: 237 units
Antietam Arms, Reading: 148 units
Mount Penn Manor, Reading: 125 units
Hanover Manor, Carlisle: 93 units
Carlwynne Manor, Carlisle: 80 units
Presidential Arms, Allison Park: 460 units
Morgan Properties plans to spend $80M upgrading the properties. The firm plans to install in-unit washers and dryers, replace roofs and heating, as well as make other renovations over the years, although a timeline or start date has not been disclosed.
The group also outlined plans for amenities upgrades, including adding dog runs, fitness center improvements, Amazon package hubs and pickleball courts.
In a release, Morgan Properties said it uses proprietary data from its existing portfolio to “make calculated bets on where to invest.” The DePaul is located in high-density submarkets where the company has a track record of success, it said.
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