Morgan Properties, a national real estate investment and management company headquartered in Conshohocken, Pennsylvania, expanded into the Kentucky market with the $39 million acquisition of Blankenbaker Crossings, a 236-unit garden-style apartment community in Louisville.
Built in 2005-2006, the property maintains a 96% occupancy rate. Morgan Properties plans to invest $2.1 million in renovations and upgrades in the units and new community amenities including a pickleball court, dog parks, and Amazon package hubs.
“Entering Kentucky and adding the 20th state to our growing portfolio is a pivotal way to kick off Morgan Properties 40th-anniversary year,” said Jonathan Morgan, co-president of Morgan Properties and president of Morgan Properties JV. “As a company, Morgan Properties remains bullish on the Midwest and will continue to strategically identify opportunities where we can leverage our four decades of success in multifamily to enhance the living experience for residents in high-growth markets here and across the country.”
