King of Prussia-based Morgan Properties has acquired around 80 properties across eight states from Morgan Communities, writes Jonathan D. Epstein for The Buffalo News.

The current deal includes 15,000 units, with another 3,000 units set to be acquired by Morgan Properties by the end of the year. That will make a total of 94 properties with 18,000 units, or over half of Morgan Communities’ portfolio.

The newly purchased assets are primarily located in the upstate New York markets including Rochester, Buffalo, Syracuse, and Albany, and in Pittsburgh and Harrisburg. The remaining properties are in Memphis, Chicago, Cleveland, and Huntsville and mark Morgan Properties’ first entrance into those markets.

“This portfolio fits our investment criteria given its size, scale, and unique repositioning opportunity,” said Jason Morgan, principal at Morgan Properties. “We target opportunistic multifamily investments and are extremely well-positioned to stabilize this portfolio for the greater benefit of the residents, employees, and investors.”

The deal propels the King of Prussia company into one of the nation’s five largest owners of multifamily apartment complexes, as well as the biggest in New York, Pennsylvania, and Maryland.

Read more about the sale at The Buffalo News by clicking here.

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