King of Prussia-based Morgan Properties Enters Rent-a-Home Market With Single-Family Housing in Texas

morgan properties
Image via Morgan Properties.

King of Prussia-based Morgan Properties, owner of Class B apartments, has purchased a gated 136-unit single-family housing community in the Dallas suburbs from Provident Realty Advisors for an undisclosed price, writes for the Philadelphia Business Journal.

The acquisition of ParcHaus at Skyline in McKinney, Texas, expands the company’s business into the rent-a-home market. Following the purchase, the community was rebranded as Elevate at Skyline.

Morgan Properties has primarily focused on buying Class B multifamily properties since 1985, and has focused on ramping that practice up over the last decade. Since 2012, the company has spent $9 billion on acquisitions that has so far has increased its inventory by more than 75,000.

Currently, Morgan Properties owns and manages a multifamily portfolio. This currently consists of 345 communities that total over 93,000 units.

The company now plans to use this latest purchase as a way to “jumpstart our future interest in diversifying our portfolio through single-family rental communities.”

Read more about Morgan Properties in the Philadelphia Business Journal.

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