Wednesday, February 24, 2021

Morgan Properties makes $1.75B acquisition of apartment portfolio

 Natalie Kostelni Reporter Philadelphia Business Journal

Morgan Properties has paid $1.75 billion for a portfolio of 48 apartment communities, adding 14,414 units across 11 states.

The King of Prussia company bought what is referred to as the North Star Portfolio in partnership with Olayan America, which is part of Olayan Group, a family-owned international investment firm. The Saudi Arabian conglomerate has been valued at more than $10 billion by Bloomberg.

Plans involve investing another $100 million in upgrades to the properties.

The Class B portfolio was sold by Star Real Estate Ventures, a joint venture between El-Ad National Properties, and Yellowstone Portfolio Trust. As a result of the transaction, Morgan enters five new states including Florida, Texas, Georgia, Louisiana and Michigan. Other properties in the portfolio are in Illinois, Maryland, Ohio, South Carolina, North Carolina and Indiana.

The largest concentration of apartments is in suburban Baltimore, with 2,566.

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