Morgan Properties, one of the leading multifamily owners in the United States, is slated to acquire Dream Residential REIT in an all-cash transaction valued at approximately $354 million. The Toronto-based REIT owns a portfolio of garden-style multifamily communities, primarily located in three markets across the Sun Belt and Midwest.
“The Dream Residential REIT portfolio exemplifies the type of investment opportunity Morgan Properties excels in—leveraging our strong balance sheet, proven ability to deliver execution certainty, and deep expertise in acquiring large portfolios across numerous markets,” said Morgan Properties co-presidents Jonathan and Jason Morgan. “Our team looks forward to welcoming these new communities, enhancing the physical assets, and providing best-in-class customer service for the residents.”
This is the latest growth move for Morgan Properties this year. Ranked No. 3 on the National Multifamily Housing Council’s list of top owners for 2025, the firm surpassed the 100,000-unit market in the spring with the acquisition of an 11-asset Midwest portfolio with 3,054 units from Trilogy Real Estate Group.
According to Vicky Schiff, chair of Dream Residential REIT’s board of trustees, after a comprehensive review, the board determined this transaction was in the best interest of the REIT.
“We are pleased to conclude our strategic review with a transaction that delivers immediate value to our unitholders and supports the underlying value of the REIT’s real estate,” added Dream Residential REIT CEO Brian Pauls. “The transaction provides our unitholders with liquidity and value certainty.”
Under the terms of agreement, Dream Residential REIT unitholders and DRR Holdings Class B unitholders will each receive cash consideration of $10.80 per unit of the REIT and per Class B unit of DRR Holdings. The transaction price represents a 60% premium to the closing trust unit price on the TSX as of Feb. 19, which was the last trading day prior to the announcement regarding the strategic review. It also represents an 18% premium to the closing trust unit price as of Aug. 20.
The transaction is expected to close later this year.
For Dream Residential REIT, TD Securities is acting as exclusive financial adviser, Osler, Hoskin & Harcourt and Clifford Chance US are acting as legal counsel for the transaction. Goodmans is acting as legal counsel to the special committee.
For Morgan Properties, RBC Capital Markets is the exclusive financial adviser, while Stikeman Elliott and Blank Rome are acting as legal counsel.
