Morgan Properties has acquired a multifamily portfolio comprising 10 communities in Philadelphia and Northern Virginia. This purchase marks the largest multifamily deal in Philadelphia to date, ranking Morgan Properties as Philadelphia’s largest multifamily owner and operator. The acquisition brings the firm’s total units in Pennsylvania to 9,300 and 50,000 in total.
The Philadelphia properties total 2,346 units and include Stonegate at Devon in Devon; Villas at Bryn Mawr in Bryn Mawr; Sherry Lake in Conshohocken; Waterview in West Chester; The Preserve at Milltown in Downingtown; Willowbrook in Jeffersonville; and Hillbrook Place in Bensalem. The Virginia properties total 1,784 units and include Mount Vernon Square in Alexandria; East Meadows in Fairfax and Village of Potomac Falls in Sterling. The firm plans to invest $20 million in renovations and upgrades to the communities.
“My father started our business in 1985 with three assets and 1,400 units in Pennsylvania, which we proudly still own and operate today,” Jonathan Morgan, president of Morgan Properties, told Multi-Housing News. “To think that we currently own 168 apartment communities and over 50,000 units in 11 states is incredible. This portfolio makes us the largest multifamily owner in our home state of Pennsylvania and is the largest transaction in Philadelphia’s history. We have also acquired over 5,000 units in Northern Virginia, which is another milestone. Morgan Properties is extremely well positioned to acquire these large institutional portfolio transactions.”
Last September, Morgan Properties purchased an 826-unit portfolio for $91 million, from Cardone Capital. Located in Nashville, Tenn., the properties included Lincoya Bay, Hickory Creek, Jackson Grove and Sheffield Heights.
Images courtesy of Morgan Properties