Exclusive: Morgan Properties Buys 696 Units in Indiana
The buyer secured $70.1 million in acquisition financing for the two Fort Wayne communities.
Morgan Properties has acquired two multifamily communities totaling 696 units in Fort Wayne, Ind., according to Yardi Matrix information. Haley Residential sold both assets after 19 years of ownership.
One of the properties is Willows of Coventry, a 448-unit community at 4499 Coventry Parkway. Jones Lang LaSalle financed the acquisition with a $46.5 million loan.
The other one is Pointe Inverness, a 248-unit property at 7051 Pointe Inverness Way. This purchase was financed with a $23.6 million loan from the same lender.
The pet-friendly communities are 3 miles away from each other in the Southwest Fort Wayne area, close to Interstate 69 and the West Jefferson Boulevard commercial corridor. Nearby employment centers include the Lutheran Hospital and General Motors’ Fort Wayne assembly plant. The city center is 10 miles away and Fort Wayne International Airport is within 18 miles.
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Willows of Coventry is a 28-building community completed in 1987 on 44 acres. The unit mix includes one- and two-bedroom floorplans with an average size of 782 square feet. Interiors feature vaulted ceilings, walk-in closets, kitchens with breakfast bars and dishwashers, in-unit washers and dryers and fireplaces.
Amenities include a swimming pool with sundeck, a clubhouse, fitness center, coffee bar, basketball court and playground. The property also features a pond, landscaped outdoor spaces and 600 parking spots.
The Pointe Inverness came online in phases, between 1985 and 2011, on a 29-acre lot. Its apartments have one- and two-bedroom floorplans averaging 778 square feet. They feature washers and dryers, fireplaces, vaulted ceilings, kitchens with energy-efficient appliances and private patios or balconies, as well as garages for select units.
Common-area amenities include a swimming pool, a sundeck, a fitness center, laundry facilities and a range of outdoor features such as a volleyball court, a playground, a basketball court and barbecue spaces. Pointe Inverness also has 422 parking spaces.
Morgan Properties remains active in the Midwest
The transaction brought Morgan Properties’ local footprint to five communities totaling 3,421 units, according to Yardi Matrix information. The largest community in company’s Fort Wayne portfolio is Canterbury Green, a 2,009-unit property that was developed in phases between 1970 and 1979. Morgan acquired it in January from GoldOller Real Estate Investments.
The firm’s Midwest holdings total 19,573 units across 63 communities, the same source shows. This portfolio diminished a bit in April, as the company sold a 270-unit asset in Chicago to a joint venture between Eastham Capital and Bender Cos. The property, dubbed Park Towers Apartment Homes, is in the city’s Richton Park suburb.
