King of Prussia-based Morgan Properties, the nation’s largest private multifamily owner, and Olayan America have acquired a 14,414-unit apartment portfolio across the Midwest for $1.7 billion from a joint venture between El-Ad National Properties and Yellowstone Portfolio Trust, writes Kristin Hiller for Rebusiness Online.

The North Star Portfolio consists of Class B assets in 11 states, including Florida, Texas, Georgia, North Carolina, South Carolina, Louisiana, Michigan, Illinois, Indiana, Ohio, and Maryland. The communities average 300 units and date to 1985.

“While most of our competitors remain defensive and on the sidelines, Morgan Properties continues to play offense,” said Jonathan Morgan, president of Morgan Properties. “North Star was right in our wheelhouse given the barriers to entry and we pounced on the opportunity to secure it.”

The new owners will invest another $100 million in improvements and amenity upgrades at the communities.

With this acquisition, Morgan and Olayan are also entering five new markets, Florida, Texas, Georgia, Louisiana, and Michigan. In addition, Morgan has added 400 new employees and decided to open a Boca Raton office that will help it better serve its expansion in the Southeast.

Read more about Morgan Properties at Rebusiness Online by clicking here.