King of Prussia-based Morgan Properties, which focuses on Class B multifamily properties, has acquired two large apartment portfolios throughout the South for $780.5 million, writes Natalie Kostelni for the Philadelphia Business Journal.
This has increased the company’s total number of apartment units nationwide to 95,000.
Morgan Properties purchased the Middle Street Partners and Northland portfolios, which contain 18 communities with a total of 4,724 apartments in Georgia, Florida, North Carolina, and South Carolina.
The Middle Street Partners consists of 15 apartment communities with 4,102 units, while the Northland portfolio has 622 units focused primarily in West Palm Beach.
The property group intends to spend an additional $47.5 million on renovations for the communities.
The company now owns and operates a total of 10,540 units in the Sunbelt region.
The company specifically targets large portfolios. It has spent around $9 billion on similar acquisitions over the last nine years that have added over 75,000 units to its ownership.
One such acquisition earlier this year was a portfolio of 48 apartment communities across eleven states which the company bought for $1.75 billion.
Read more about the acquisitions in the Philadelphia Business Journal.
