Morgan Properties, the real estate investment and management company headquartered in Conshohocken, Pennsylvania, has acquired a portfolio of 3,054 multifamily units across 11 assets in eight Midwest states from Trilogy Real Estate Group for $501 million.
The communities are located in Illinois, Indiana, Kentucky, Michigan, Missouri, Ohio, Oklahoma, and Tennessee, ranging in age from 1989 to 2018. The company plans a series of renovations the properties that will include programmatic interior upgrades consisting of new flooring, appliances, cabinets, and countertops, as well as smart home features and an expansion and refresh of on-site amenities.
With this acquisition, Morgan Properties’ apartment holdings expand to 360 communities in 22 states.
“Surpassing 100,000 units is a defining moment and a testament to the hard work and dedication of our entire organization, who have helped shape Morgan Properties into a best-in-class multifamily owner and operator,” said Jonathan Morgan and Jason Morgan, co-presidents of Morgan Properties, in a joint statement. “As we continue to strategically expand our national portfolio, we remain selective and opportunistic in this environment. Morgan Properties has a proven track record of acquiring large portfolios with significant barriers to entry and providing execution certainty.”
