Morgan Properties Snaps Up 11 Assets

Morgan Properties has added to its multifamily portfolio with the acquisition of 11 apartment properties in its home state of Pennsylvania totaling 3,434 units in suburban Philadelphia and Pittsburgh, the Lehigh Valley, Reading and Harrisburg. The seller was the DePaul Management Co.,which developed all of the properties.

The purchase price could not immediately be learned. After this deal, Morgan owns 350 properties nationwide, 56 of which are in Pennsylvania. The firm’s assets in the Keystone State total more than 14,000 units.

The portfolio includes the following:

• Blair Mill Village East in Horsham with 768 units
• Blair Mill Village in Horsham with 368 units
• Congress Apartments in Allentown with 548 units;
• South Mountain in Allentown with 237 units;
• Antietam Arms in Reading with 148 units;
• Mount Penn Manor in Reading with 125 units;
• Hanover Manor in Carlisle with 93 units;
• Carlwynne Manor in Carlisle with 80 units;
• Presidential Arms in Allison Park with 460 units;
• Wissahickon Park in Lansdale with 343 units; and
• Quakertown West in Quakertown with 264 units.

Renovations to come

The acquisition is part of the company’s strategy of buying large multifamily portfolios, according to Morgan Properties President Jonathan Morgan. The firm looks for markets with high barriers to entry where Morgan’s market concentration will enable it to burnish its operational efficiencies and capitalize on economies of scale, he said.

Morgan plans to invest over $80 million to upgrade the new Pennsylvania properties over the next few years, including kitchen, bath and common area renovations. Morgan will also facilitate the installation of in-unit washers and dryers, lighting, security, and landscape improvements, roof replacements and parking lot repairs, along with the installation of high-efficiency heating systems.

Various common-area enhancements will include fitness center upgrades and expansions, installation of exterior dog parks and pet wash stations, Amazon package hubs, playgrounds, pickleball courts and outdoor grilling islands.