Morgan Properties, the nation’s largest private multifamily owner, has acquired two Southeast portfolios with 18 apartment communities and 4,724 units. The Middle Street Partners (MSP) and Northland portfolios, located in Georgia, Florida, North Carolina, and South Carolina, were purchased for a combined $780.5 million.
Morgan Properties, based in King of Prussia, Pennsylvania, now owns and operates 95,000 units nationwide, with 10,540 units in the Sun Belt region. The firm ranked as the second-largest owner on the National Multifamily Housing Council’s 2021 Top 50 Owners list, with 90,617 units as of Jan. 1. It also ranked as the 10th-largest apartment manager with 94,384 units.
These portfolio acquisitions aren’t the first for Morgan Properties in 2021. Earlier this year, the firm partnered with Olayan America to acquire a portfolio of 48 apartment communities with 14,414 units in 11 states for $1.75 billion.
“These two portfolio acquisitions come just months after our monumental $1.75 billion North Star transaction, making 2021 another significant year in Morgan Properties’ three-decade growth story,” said Jonathan Morgan, president of Morgan Properties JV. “Since 2012 alone, we have acquired more than $9 billion of assets and over 75,000 units, strengthening our reputation as one of the fastest-growing multifamily owners and operators. As we inch closer to becoming the largest in the nation, we’ll continue to prioritize opportunities to expand our presence in key markets like the Sun Belt, retain and create jobs, and enhance the overall living experience for the thousands of residents who call Morgan Properties home.”
The MSP portfolio includes 15 communities with 4,102 Class B workforce and Class A upscale units. A concentration of the assets are located in the Augusta, Georgia; Charlotte and Fayetteville, North Carolina; Columbia and Greenville, South Carolina; and Jacksonville, Florida, markets.
The Northland portfolio is comprised of three garden-style communities with 622 units in West Palm Beach, Florida. The 224-unit Royal St. George, the 202-unit Village Place, and the 196-unit Windward at the Villages are within walking distance of each other.
Morgan Properties has plans for a $47.5 million value-add repositioning strategy throughout both portfolios. Improvements will include washer and dryer installations; kitchen upgrades, such as new backsplashes, granite countertops, and stainless-steel appliances; Amazon Hub package rooms; bike-share programs; new fitness equipment; and upgraded outdoor amenity spaces with grills, new furniture, and fireplaces.
“The Sun Belt region is booming right now, and these two portfolios presented a tremendous opportunity for us to increase our footprint in states that are undergoing high population and employment growth,” said Jason Morgan, principal of Morgan Properties. “As a company, we continue to play offense and proactively seek large portfolios that allow operational efficiencies and economies of scale. These new portfolios based in some of the most in-demand multifamily markets in the country enable us to further expand our best-in-class Class B workforce housing platform while also diversifying our expertise with the inclusion of several newer Class A communities.”
