The multifamily community owner Morgan Properties has acquired a portfolio of 11 multifamily properties throughout Pennsylvania from the original developer and owner, The DePaul Management Company.
The acquisition encompasses 3,434 units in the suburbs of Philadelphia and Pittsburgh, the Lehigh Valley, Reading, and the state capital of Harrisburg. The Conshohocken, Pennsylvania-based Morgan Properties plans to invest over $80 million in physical upgrades to the communities over the coming years, ranging from renovations in the residences to amenity and common area enhancements including the installation of exterior dog parks and pet wash stations and Amazon package hubs.
The financial terms of the deal were not disclosed. With this acquisition, Morgan Properties now owns and manages over 14,000 units and 56 communities in Pennsylvania and 350 communities nationwide.
“As Morgan Properties continues to expand its national footprint, we remain deeply committed to our Pennsylvania roots,” said Jonathan Morgan, president of Morgan Properties JV. “The DePaul acquisition directly supports our strategic goal of acquiring large multifamily portfolios with high barriers to entry where our market concentration will enable us to achieve operational efficiencies and capitalize on economies of scale. We look forward to maximizing these assets through our professional management expertise and executing our value-add repositioning strategy.”
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