Natalie Kostelni Reporter Philadelphia Business Journal
Morgan Properties has grown to own 95,000 apartment units across the country with a $780.5 million acquisition of two portfolios throughout the fast-growing South, a region that it has been targeting.
The King of Prussia company, which focuses on Class B multifamily properties, bought what is referred to as the Middle Street Partners and Northland portfolios, which consisted of 18 communities with 4,724 apartment in Georgia, Florida, North Carolina and South Carolina.
The Middle Street Partners portfolio involved 15 apartment communities with 4,102 units and the Northland portfolio had 622 units focused in West Palm Beach. Morgan Properties plans to spend $47.5 million on renovations to the communities.
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