With one large acquisition, Morgan Properties, which ranked No. 3 on the latest National Multifamily Housing Council Top 50 Owners list, has moved past 100,000 units owned.
Last week, the Conshohocken, Pennsylvania-based apartment owner announced that it had acquired 3,054 units across 11 assets in eight Midwestern states from Trilogy Real Estate Group for $501 million, according to a news release.
Newmark brokered 10 properties in the transaction, while Walker Dunlop brokered one asset.
The 11 assets, located in Illinois, Indiana, Kentucky, Michigan, Missouri, Ohio, Oklahoma and Tennessee, range in age from 35 to seven years old. Morgan plans to make both physical and operational improvements to the properties.
Those renovations could be programmatic interior upgrades featuring new flooring, appliances, cabinets and countertops. The firm will also consider smart home features and an expansion and refresh of on-site amenities.
Morgan, which currently owns and operates over 360 communities in 22 states throughout the country, has doubled its apartment holdings over the past six years.
“As we continue to strategically expand our national portfolio, we remain selective and opportunistic in this environment,” Jonathan Morgan and Jason Morgan, co-presidents of Morgan Properties, said in the news release.
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