Morgan Properties, the King of Prussia residential real estate investor, added two Fayetteville, N.C., properties to its current holdings. Evan Hoopfer covered the $128-million transactions in the Triangle Business Journal.
The apartment complex acquisitions are:
- Westlake at Morganton, which required a $66.3 million investment
- The Preserve at Grande Oaks, whose settled price was $62.3 million
Both sites are categorized as Class A, meaning they are generally newer properties with top amenities and high-income tenants. The local purchaser’s business model has leaned toward Class B residences, in which extras may be more subdued but performance is generally lower risk. But in these cases, the company’s leadership saw the opportunities as a chance to broaden its in-market investments.
These latest acquisitions bring five apartment complexes totaling 1,530 units under Morgan Properties ownership in Fayetteville.
A Morgan representative said it plans to spend $7 million on improvements to interiors and smart home technology enhancements within the two communities.
The Fayetteville real estate market has been particularly sunny for investors over time. Property values have remained attractive over time, bolstered by the long-term presence of Fort Bragg.
More on this story is at the Triangle Business Journal.