Morgan Properties Takes 300-Plus in NY
The property last sold in 2021.
Morgan Properties has purchased Country Manor Apartments, a 328-unit garden-style apartment community in Webster, N.Y. The previous owner was PH Realty Capital.
Endeavor Real Estate Group Managing Principal James Buckley and Vice President of Investment Sales Patrick Salvato brokered the sale. A price and terms were not disclosed.
PH Realty Capital purchased the community in 2021 from Geller Associates for about $29.8M, according to Yardi Matrix.
Country Manor Apartments was built in phases between the late 1960s and early 1970s, containing a total of 10 buildings with a mix of studios, one- and two-bedroom apartments. Amenities at the community include a fitness center, pool and dog park, along with picnic areas and tennis courts.
According to Salvato, demand for these sorts of assets is skyrocketing throughout the state due to both imminent interest rate cuts and persistent constraints on housing supply.
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The property is located at 185 Country Manor Way in the Webster submarket of Rochester, N.Y., just off New York Route 104. It is within a mile of downtown Webster, about 16 miles from downtown Rochester and about 21 miles from Greater Rochester Airport.
Morgan Properties’ spending spree
As of 2024, the Pennsylvania-based investment firm was the fourth largest multifamily property owner in the country, according to a ranking from Multi-Housing News. The firm has total portfolio value of approximately $17 billion.
Morgan Properties has expanded its holdings quite a bit this year. In August, the firm announced that it would pay $354 million to acquire Toronto-based Dream Residential REIT, an owner of garden-style properties in the Sun Belt and Midwest.
A few months earlier, Morgan bought a portfolio of 11 Midwestern properties from Trilogy Real Estate for $501 million. The portfolio included more than 3,500 units, bringing the total number of units Morgan owns to more than 100,000.
