Morgan Acquires Midwestern Apartment Portfolio for $501M
The acquisition brings the buyer's holdings up to more than 100,000 units nationwide.
Morgan Properties has purchased a portfolio of 11 properties totaling 3,054 units in eight Midwestern States from Trilogy Real Estate Group. Valued at $501 million, the acquisition expands Morgan’s holdings to more than 100,000 units across the country.
The apartment communities are located in Illinois, Indiana, Kentucky, Michigan, Missouri, Ohio, Oklahoma and Tennessee, and range from 6 to 36 years old.
One property is The Streets of St. Charles, located in the St. Louis suburb of St. Charles, Mo. The property’s studio, one- and two-bedroom apartments range in size from 537 to 1,287 square feet and include custom cabinetry, wood-finish plank flooring, oversized closets, vaulted ceilings and in select units, private patios or balconies. Common-area amenities at The Streets of St. Charles include additional on-site storage, grilling pavilion, club room with billiards table, community fire pit and complimentary coffee bar.
Upgrades planned
Morgan Properties plans to undertake a thoroughgoing value-add program intended to increase the marketability and comfort of the properties it’s acquired. Enhancements will include upgrades such as new cabinets, flooring, countertops and appliances. Smart home features will also be incorporated, and on-site amenities expanded and refreshed.
READ ALSO: Top Developments of Top Developers
Morgan Properties currently owns more than 360 communities in 22 states. Its holdings have more than doubled in the past six years, thanks in part to a succession of important portfolio acquisitions, the most substantial being the $2.6 billion. acquisition of a 98-community portfolio. In a corporate statement, Morgan officials indicated that the company’s established track record of large portfolio acquisitions is based on targeting properties with substantial barriers to entry.
This latest purchase is part of the buyer’s goal of being the fastest-growing owner and operator of multifamily communities in the U.S. In July of last year, Morgan acquired 11 communities across Pennsylvania totaling more than 3,400 units.
