King of Prussia based Morgan Properties on a buying spree
Morgan Properties, based in King of Prussia and one of the most active buyers of Class-B apartments in the area is getting in on the buying action.
The Montgomery County company is under contract to buy a 15-property portfolio in the D.C., Baltimore and Philadelphia areas from Lone Star Funds for $1.4B, Real Estate Alert reports, according to bisnow.com.
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King of Prussia, Pennsylvania-based Morgan Properties has been rapidly scooping up apartments in the region. Its D.C.-Maryland-Virginia portfolio grew from 4,000 units in 2012 to 24,000 units as of November 2017, after it bought a four-property Maryland portfolio for $278M and a 2,700-unit Alexandria portfolio for $509M. The investor bought another Alexandria community in September for $62.3M. Morgan Properties President Jonathan Morgan told Bisnow in November 2017 the company has been bullish on Class-B apartment properties in the D.C. region.
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